I have heard a lot about the "Return To School" grants program that Obama has been pushing. Well, let me rephrase that: I thought I had heard about it but know I wonder whether it really exists. I don't think there is anything anywhere that can officially be called Obama financial aid for moms.
I set out to try to find out more about this program and as the Internet is the fastest way to investigate these things, I did a lot of Google searches. I was looking for some official website or news story from a real news source that could shed some light about anything related to return to school for moms grants or loans.
What I found was absolutely nothing official at all. There were many articles written by normal people about this so-called program but all of them were really dancing around the subject and gave no specifics.
Usually when you search for something that is real and official, you will find real news articles about it from Fox, MSN, or some other source. You might also find a government website ending in .gov which will give you more information.
However, in searching for anything related to Obama grants for moms and a moms return to school grants program, I found nothing at all and I searched many different similar searches. This leads me to believe that there really is no such type of loan and it is all just made up. Probably President Obama did utter the words "moms return to school" somewhere in one of his speaches and somehow people latched on to it and now it has taken on a life of its own.
I may be wrong about this and there might really be some new back to school for moms grant but I sure can't find anything official about it anywhere.
Saturday, October 24, 2009
Friday, October 23, 2009
OBAMA FINANCIAL AID FOR COLLEGE STUDENTS
As you may know by now, college financial aid may change in 2010 under our new President. Obama financial aid will involve students getting their loans directly from the government and bypassing the private sector.
One of the problems with this is that one entity will now be deciding the fate of millions of students and that entity is the US government no less. What task does the government do well and why should we assume they will be able to effectively dole out loans?
Under the Obama student loans proposal, all competition would be gone. That is never good as competition is the one thing that keeps costs down and makes companies do their best. One reason why the government fails at so many things is because there is no competition. Have you ever been at the DMV or some other government office where you have to shake your head at the incompetence? That is because there is no other company competing against them. There is only one DMV and so we are totally at their mercy as we can't go anywhere else to get our licenses.
College students need loans and they need to understand the process to get them. They also need an unbiased assessment of their financial situation to determine whether they get a loan. Finally, they need to be evaluated based on need only and not the color of their skin or politics.
No matter what party is in the White House, will there not be accusations of racism and favoritism levelled again the government by some students who have been turned down? Will parents not think that the government is biased against their ethnicity and do we want the government being the sole deternimer of our fates like this?
Obama student loans is a bad idea from my perspective as it makes the government bigger and it takes out all competition. This country is split 50/50 right now politically as shown by the last two elections and this is something that is just going to fan the flames and make people more upset.
One of the problems with this is that one entity will now be deciding the fate of millions of students and that entity is the US government no less. What task does the government do well and why should we assume they will be able to effectively dole out loans?
Under the Obama student loans proposal, all competition would be gone. That is never good as competition is the one thing that keeps costs down and makes companies do their best. One reason why the government fails at so many things is because there is no competition. Have you ever been at the DMV or some other government office where you have to shake your head at the incompetence? That is because there is no other company competing against them. There is only one DMV and so we are totally at their mercy as we can't go anywhere else to get our licenses.
College students need loans and they need to understand the process to get them. They also need an unbiased assessment of their financial situation to determine whether they get a loan. Finally, they need to be evaluated based on need only and not the color of their skin or politics.
No matter what party is in the White House, will there not be accusations of racism and favoritism levelled again the government by some students who have been turned down? Will parents not think that the government is biased against their ethnicity and do we want the government being the sole deternimer of our fates like this?
Obama student loans is a bad idea from my perspective as it makes the government bigger and it takes out all competition. This country is split 50/50 right now politically as shown by the last two elections and this is something that is just going to fan the flames and make people more upset.
Thursday, October 22, 2009
FIND OUT MORE ABOUT OBAMA STUDENT LOANS
If you look for the latest information on Obama student loans, you will be hard pressed to find too much. Even Obama's official website has nothing on the subject. It is amazing how little information that site has on any issue as it looks like it is just set up to get you to join his email list or volunteer list.
Obama school grants and student loans are on the minds of many right now as everyone is heading back to school or is already there. Students are concerned about how they are going to pay for college and getting a job is not easy. Most college students get part time jobs to pay for some of their expenses and they also rely on student loans. Right now, many are without jobs because the economy is so bad and the jobs just aren't there.
College tuition has gotten out of hand the last 10 to 15 years and it is very difficult for most students to pay. Decisions have to be made whether college is really the right choice at these steep prices. For decades now, parents have always preached to their children that they must go to college to get ahead in life. Now though, with prices being so high, student loans are a necessity and one has to wonder whether college is really worth it if you have to go so much in debt.
Obama school grants and student loans are on the minds of many right now as everyone is heading back to school or is already there. Students are concerned about how they are going to pay for college and getting a job is not easy. Most college students get part time jobs to pay for some of their expenses and they also rely on student loans. Right now, many are without jobs because the economy is so bad and the jobs just aren't there.
College tuition has gotten out of hand the last 10 to 15 years and it is very difficult for most students to pay. Decisions have to be made whether college is really the right choice at these steep prices. For decades now, parents have always preached to their children that they must go to college to get ahead in life. Now though, with prices being so high, student loans are a necessity and one has to wonder whether college is really worth it if you have to go so much in debt.
Wednesday, October 21, 2009
OBAMA STUDENT LOANS IN 2010
So far, the Obama student loans reform bill has successfully passed in the United States House of Representatives. The next step is for it to be addressed by the Senate which has not happened yet.
Surprisingly, there has been little news of this student loans bill and that has probably been because of all the attention that has been focused on health care. But just like the proposed takeover of the health care system by the government, student loans would be taken over as well if this bill is passed.
Surprisingly, there has been little news of this student loans bill and that has probably been because of all the attention that has been focused on health care. But just like the proposed takeover of the health care system by the government, student loans would be taken over as well if this bill is passed.
This new student loans bill would end all subsidies for the private lenders and take them out of the equation. Rather than have these companies loan the money to students and then get help from the government, the money would go directly from the government to the students.
Obviously many people are calling this another step toward socialism as the government tries to work it's way into every aspect of our lives. Do we really want the government deciding who gets and who doesn't get these student loans? In essence, they would be deciding who goes to college! It doesn't matter who is in control of the White House.
Obama student loans would save taxpayers $87 billion over a ten year span it has been estimated by the Congressional Budget Office. Supposedly that money could be spent for other things related to education such as increasing Pell Grants and making the cost of college more affordable. Does anybody really believe that will happen and trust the politicians to make it happen?
They also say that the costs of the switch could lower the savings all the way down to $47 billion and student loan companies say it would cost them 30,000 jobs. Jobs being lost is never a good thing but it would be worth it many think if this new proposal would actually work.
Obama student loans will not get voted on this year most likely and so it will be sometime in 2010 when this comes to the forefront again. Hopefully other stories will not overshadow this one and it can make front page news like it should. People need to know about this story and decide whether they really want the government taking over yet another part of our lives.
Monday, October 19, 2009
STUDENT LOANS MAY SOON CHANGE
One of the big changes President Obama is proposing along with health care, is student loans and who will be issuing them. College has become very expensive which has led more and more students to need student loans just to to make it through.
One of the unfortunate results of this very high tuition is that many college students now graduate every year and they begin their working life in debt. This, along with the very difficult job market, has put many college students and graduates in a bad financial position.
With the new proposal, Obama student loans would mean that private companies are taken out of the student loan business and it is taken over by the government. President Obama concludes that these private companies are charging too high an interest rate and the government can issue these same loans at a lower rate. This, he concludes will be good for the students and will make college more affordable for many.
While this may make sense on the surface, there are may different perspectives to this debate and that is the purpose of this blog. We will discuss all the pros and cons to the student loan debate as well as any other Obama policy which might be of interest.
One of the unfortunate results of this very high tuition is that many college students now graduate every year and they begin their working life in debt. This, along with the very difficult job market, has put many college students and graduates in a bad financial position.
With the new proposal, Obama student loans would mean that private companies are taken out of the student loan business and it is taken over by the government. President Obama concludes that these private companies are charging too high an interest rate and the government can issue these same loans at a lower rate. This, he concludes will be good for the students and will make college more affordable for many.
While this may make sense on the surface, there are may different perspectives to this debate and that is the purpose of this blog. We will discuss all the pros and cons to the student loan debate as well as any other Obama policy which might be of interest.
Sunday, October 18, 2009
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Wednesday, September 30, 2009
LOAN FORGIVENESS for PUBLIC SERVICE CAREERS
This program is open to those working in emergency management, government, military service, public safety and law enforcement, public health, public education, early childhood education, social work in a public child or family service agency, public services for individuals with disabilities or the elderly, public interest legal services or other school-based services, and employees of tax exempt 501(c)(3) organizations. If you work in one of the fields listed , you may qualify for the new Public Service Loan Forgiveness program, so Read On!
Public Service Loan Forgiveness Offered by the Direct Loan Program
Established by the College Cost Reduction and Access Act of 2007, this loan forgiveness program is only available through Direct Loans. The public service loan forgiveness program is targeted at students who pursue public service careers and who have high student loan debt and low income. Borrowers with low debt or high income will not benefit as much.
Eligible loans include Federal Direct Stafford Loans (Subsidized and Unsubsidized), Federal Direct PLUS Loans, and Federal Direct Consolidation. A FFELP borrower may consolidate their loans with Direct to qualify for the forgiveness program. Perkins Loans and FFELP PLUS loans may be included in a Federal Direct Consolidation Loan; the entire consolidation loan, including the Perkins or PLUS Loans, is eligible for public service loan forgiveness.
NOTE: Parent PLUS loans included in a Federal Direct Consolidation Loan are eligible for income-contingent repayment (but not income-based repayment), making it possible to obtain forgiveness. However, the income contingent repayment is not available for Federal Direct Consolidation Loans that include PLUS loans for borrowers who entered repayment before July 1, 2006, per 34 CFR 685.208(a)(1)(ii).
Eligible Repayment Plans include income-based repayment, income contingent repayment, standard repayment or a combination of these repayment plans. Payments made under other repayment plans do not count (e.g., extended repayment, including consolidated loans, and graduated repayment). To maximize the amount of forgiveness, borrowers should use income-based repayment.
Eligibility Requirements
PAYMENTS: The forgiveness occurs after ten years of repayment (120 monthly payments made on or after October 1, 2007 on an eligible Federal Direct Loan). Periods of deferment and forbearance are not counted toward the 120 payments. Payments made before October 1, 2007 do not count. This represents a huge savings compared to the 25 years of repayment required for forgiveness under the income-contingent and income-based repayment plans for borrowers who are not employed full time in public service jobs.
NOTE: If a borrower were to use only standard repayment for repaying their loans there would be no balance remaining after 10 years and so no debt to cancel. Standard repayment is only provided as an option to address situations where a borrower is unable to continue under income-based repayment because they no longer have a partial financial hardship or the payments under income-contingent repayment exceed standard repayment. In such a situation the borrower would use standard repayment for the remaining payments within the 10 year period and obtain some loan forgiveness at the end of the ten years of payments.
EMPLOYMENT: The borrower must be employed full-time in a public service job for the entire ten year repayment period. Public service jobs include, among other positions, emergency management, government (federal, state or local), military service, public safety and law enforcement (police and fire), public health (including nurses, nurse practitioners, nurses in a clinical setting, and full-time professionals engaged in health care practitioner occupations and health care support occupations), public education, early childhood education (including licensed or regulated childcare, Head Start, and State-funded prekindergarten), social work in a public child or family service agency, public services for individuals with disabilities or the elderly, public interest legal services (including prosecutors, public defenders and legal advocacy on behalf of low-income communities at a nonprofit organization), public librarians, school librarians and other school-based services, and employees of tax exempt 501(c)(3) organizations
WHAT IS FORGIVEN: ALL remaining interest and principal are forgiven. The borrower must understand that this is an all-or-nothing benefit. If a borrower stops working full-time in a public service job, even with just a few of the 120 payments left, they get no forgiveness.
Public Service Loan Forgiveness Offered by the Direct Loan Program
Established by the College Cost Reduction and Access Act of 2007, this loan forgiveness program is only available through Direct Loans. The public service loan forgiveness program is targeted at students who pursue public service careers and who have high student loan debt and low income. Borrowers with low debt or high income will not benefit as much.
Eligible loans include Federal Direct Stafford Loans (Subsidized and Unsubsidized), Federal Direct PLUS Loans, and Federal Direct Consolidation. A FFELP borrower may consolidate their loans with Direct to qualify for the forgiveness program. Perkins Loans and FFELP PLUS loans may be included in a Federal Direct Consolidation Loan; the entire consolidation loan, including the Perkins or PLUS Loans, is eligible for public service loan forgiveness.
NOTE: Parent PLUS loans included in a Federal Direct Consolidation Loan are eligible for income-contingent repayment (but not income-based repayment), making it possible to obtain forgiveness. However, the income contingent repayment is not available for Federal Direct Consolidation Loans that include PLUS loans for borrowers who entered repayment before July 1, 2006, per 34 CFR 685.208(a)(1)(ii).
Eligible Repayment Plans include income-based repayment, income contingent repayment, standard repayment or a combination of these repayment plans. Payments made under other repayment plans do not count (e.g., extended repayment, including consolidated loans, and graduated repayment). To maximize the amount of forgiveness, borrowers should use income-based repayment.
Eligibility Requirements
PAYMENTS: The forgiveness occurs after ten years of repayment (120 monthly payments made on or after October 1, 2007 on an eligible Federal Direct Loan). Periods of deferment and forbearance are not counted toward the 120 payments. Payments made before October 1, 2007 do not count. This represents a huge savings compared to the 25 years of repayment required for forgiveness under the income-contingent and income-based repayment plans for borrowers who are not employed full time in public service jobs.
NOTE: If a borrower were to use only standard repayment for repaying their loans there would be no balance remaining after 10 years and so no debt to cancel. Standard repayment is only provided as an option to address situations where a borrower is unable to continue under income-based repayment because they no longer have a partial financial hardship or the payments under income-contingent repayment exceed standard repayment. In such a situation the borrower would use standard repayment for the remaining payments within the 10 year period and obtain some loan forgiveness at the end of the ten years of payments.
EMPLOYMENT: The borrower must be employed full-time in a public service job for the entire ten year repayment period. Public service jobs include, among other positions, emergency management, government (federal, state or local), military service, public safety and law enforcement (police and fire), public health (including nurses, nurse practitioners, nurses in a clinical setting, and full-time professionals engaged in health care practitioner occupations and health care support occupations), public education, early childhood education (including licensed or regulated childcare, Head Start, and State-funded prekindergarten), social work in a public child or family service agency, public services for individuals with disabilities or the elderly, public interest legal services (including prosecutors, public defenders and legal advocacy on behalf of low-income communities at a nonprofit organization), public librarians, school librarians and other school-based services, and employees of tax exempt 501(c)(3) organizations
WHAT IS FORGIVEN: ALL remaining interest and principal are forgiven. The borrower must understand that this is an all-or-nothing benefit. If a borrower stops working full-time in a public service job, even with just a few of the 120 payments left, they get no forgiveness.
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