PSU news by
Penn State's student blog

Topics

About

Student Loans to Change?

senate-logosvgIt’s possible. With the Senate vote on April 29th, bank-based guaranteed loans could go the way of the dodo. According to the Chronicle:

The plan, which Congressional appropriators will use as a guide when they draw up spending bills for the coming fiscal year, instructs the committees that oversee education to shave $1-billion from programs under their jurisdiction through a process known as budget reconciliation. Lawmakers are likely to seek those savings through major changes in the bank-based guaranteed-loan system, perhaps even eliminating it altogether, as President Obama has proposed.

The result of this is that all student loans would originate directly from the Federal Government. Banks would have to compete over the right to collect the loans when it comes time to pay them back. I believe this gives the goverment more power to decide the terms of the loan, the interest rate, and so on.

Student groups hope the savings from this new program will be placed in Pell Grants and other grant programs, which students don’t have to pay back. This is a good first step for the Obama education plan. One of his campaign positions was that it should be more affordable to attend college. This is how he intends to go about acheiving that. Additionally, I believe his next step, as laid out in his platform, is to reward those students that participate in community service activities with compensation that helps pay for their education.

[Source][Source]

About the Author

Eli Glazier

Eli is a junior majoring in International Politics. He enjoys paninis and books.

Comments

More by Eli

Senior Writes Final Column

Senior columns, with all their melodrama and platitudes, usually leave me eye-rolling and shaking my head with a vigor usually reserved for study abroad blog posts. But, as I graduate a week from today, I figured I should give it a go myself. Rather than discuss the origins of Onward State like Evan,  I’d just like to briefly thank a few individuals who have defined my Penn State experience.

Speakers Released, Collective “Who?” Uttered

Onward Debates: Private State University

Athletics

Center Ludvig Larsson Transfers To Penn State Hockey From Merrimack

The Swedish faceoff specialist graduated after three seasons at Merrimack, but will be immediately eligible to play for Guy Gadowsky in 2018-19.

Harris, Rivers Win Big Ten Titles On Final Day Of Competition

Penn State Women’s Soccer Releases 2018 Schedule

Penn State Women’s Lacrosse Loses To Penn 15-14 In Double OT

Penn State’s Kaleigh Riehl Headed To U.S. U-23 Camp

Student Life

Where Do Penn Staters Move After Graduation?

Not only is literally everyone at Penn State from “right outside of Philly,” ALMOST everyone also works “right outside of Philly.”

Penn Stater In The Running To Become Chief Taco Officer

Finding Your Penn State Beyond Penn State: Carolyn Popescu’s Senior Column

Plans Submitted For New KFC In State College

Developers have submitted preliminary land development plans to build a new KFC restaurant at 1780 S. Atherton St. in State College.

No Surprise Here: Saquon Barkley Can Throw, Too

Thirty yards out? No problem for Saquon Barkley.

Penn State Approved For Medical Marijuana Clinical Research

“The research component of Pennsylvania’s medical marijuana program sets it apart from the rest of the nation.”

Be the first to know

  • Top posts and the best Penn State stories

Thank you for subscribing.

Something went wrong.

Penn Stater In The Running To Become Chief Taco Officer

Josiah Hritsko is one of three finalists to become Moe’s Southwest Grill’s “Chief Taco Officer.”

Send this to a friend