Posts Tagged ‘Perkins’

President Obama reaffirms commitment to students

Friday, April 24th, 2009

Today at the White House, President Obama met with a family struggling with student loans, reaffirming his commitment to making college more affordable. Here is a highlight from his remarks:

“…in a paradox of American life, at the very moment it’s never been more important to have a quality higher education, the cost of that kind of that kind of education has never been higher.  Over the past few decades, the cost of tuition at private colleges has more than doubled, while costs at public institutions have nearly tripled.  Compounding the problem, tuition has grown ten times faster than a typical family’s income, putting new pressure on families that are already strained and pricing far too many students out of college altogether.  Yet, we have a student loan system where we’re giving lenders billions of dollars in wasteful subsidies that could be used to make college more affordable for all Americans.”

“…I am confident that if all of us here in Washington do what’s in the best interests of the people we represent, and reinvest not only in opening the doors of college but making sure students can walk through them, then we will help deliver the change that the American people sent us here to make.  We will help Americans fulfill their promise as individuals.  And we will help America fulfill its promise as a nation.”

Read the President’s full remarks here.

USA Today: Tuition at public universities continues to rise

Wednesday, April 22nd, 2009

A story today in USA Today talks about what many college students and their parents already know: tuition is creeping higher and higher:

“Though 2009-2010 tuition rates have not been set for most public universities, increases of at least 5% to 6% — and in many cases higher — are expected as university administrators struggle to maintain quality education amid state budget cuts.”

And, the money quote:

“U.S. Education Secretary Arne Duncan stresses the importance of affordability amid the budget and fundraising crises. ‘Colleges that go the wrong way on this — I think they’re going to see students walk away.’ “

You can read the full story here.

Now, more than ever, we need to make sure that we are giving money to students, not banks, and that the grants students are receiving are as generous as possible. Obama’s budget plan would do that. Take action today and tell your elected officials why we need to back Obama’s budget proposals for higher education!

Portion of Undergrads with Private Loans Almost Triples from 03-04 to 07-08

Wednesday, April 22nd, 2009

The Project on Student Debt issued a press release yesterday pointing to new federal data showing a large increase in private student loan borrowing. Private student loans, unlike federal loans like Stafford, PLUS, and Perkins, often have high and/or variable interest rates, and fewer protections for borrowers.

The new data shows that the portion of all undergraduates who are taking out these loans increased rapidly from 5% in 2003-04 to 14% in 2007-08. The numbers for students at for-profit colleges is especially concerning. 13% of these students took out private loans in 2003-04, but last year that number was a shocking 42%.

Students at some kinds of institutions were forced to turn to private student loan debt more than those at other kinds of institutions. (more…)