The Biden administration approved a total of $32 billion in student loan forgiveness over the course of the last year. Here’s a quick overview of Biden’s recent student loan forgiveness plan announced this week:
President Obama continues to prove his commitment to lower student loan rates, which earned him immense popularity with students, aged 18-29 in this year’s election. During his last term he stopped the federal student loan interest rates from doubling and he increased funding for Pell grants, which provide support to underprivileged students. One of his biggest steps forward for students was providing them with the option of repaying their loans according to income rather than the amount borrowed.
Now elected for another term, President Obama’s ambitions are high when it comes to education. Within 10 years he wants to halve the amount by which tuition fees rise year-on-year. He also wants America to have the highest proportion of university graduates in the world by 2020. But the biggest challenge Obama will face when implementing education and economic reform is the same as in his first term – a Republican-led Congress.
Without action from Congress by July 1, 2013, interest rates on subsidized loans that are now 3.4 percent might double and Pell grants will face a funding shortfall of $7 billion in 2014. President Obama has other plans to help students, such as job training initiatives through partnerships with community colleges and the private sector in his second term, which he promises will result in 2 million job placements.
To read more on this story visit: http://www.guardian.co.uk/education/2012/nov/07/obama-reelection-students-loan-reform
Or visit: http://www.dailytarheel.com/article/2012/11/5099fe9ea545b
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