Obama said in his address that he was aware of the fact that too many families in the country were struggling to manage expenses and paying for higher education is a tremendous struggle for them. He said that he is committed to offering new initiatives that will reverse this trend and simplify higher education access for these families.
When he talked of putting in place new measures, he was stressing on reformed student loan system that include the ten per cent income cap for students for their loan repayments, college tax credits and grants expansion for students and families and measures that will ensure that more money goes not to banks but to students. These are some of the structural reforms in the student loan front he was stressing on.
Another positive step he took is to call out to Congress to pass the bill that will allow refinancing of student loans with revised, lower rates of interest. Doug Collins is the representative from Georgia, the southern state. In his weekly address, Doug called strongly for bills approved by House led by Republicans to be passed by Senate Democrats. He pointed out that including certain bills that enjoyed bipartisan support; more than 340 House passed bills remained pending due to failure of the Senate to take necessary action.
It now remains to be seen whether our president would have his way as this is the only way college students can enjoy lower rates of interest on their student loans. Even in his recent internet and radio address, President Obama stressed on the fact that for the middle class in our country, higher education is the only passage. Many however find it a huge struggle to pay for this privilege.
Another aspect he focused on as he laid out his plans for improving access to higher education, Obama talked about tying school performance to federal financial aid. Now, announcing such measures can be easy. It remains to be seen whether he will be able to effectively deliver on his promises and aspirations.
Our country was once reigning supreme in college graduation rates. It is ranked pretty low today. To make our country stand proud once again and to improve our overall economy, it is time to support such initiatives and make sure that they do not remain buried on the table.
A combined consensus must be arrived upon and such positive measures must be implemented as early as possible as this could be that vital first step towards our country’s progress and prosperity.
Of course, criticism is definitely warranted in a democratic country like ours but only if it is constructive in nature can our country enjoy progress. If our President puts forth beneficial measures like these to enhance access to higher education, they must be encouraged and pushed forward and made a reality as quickly as possible. There is no point in procrastinating.