In today’s depressed economy, when parents have lost their jobs and savings, more and more students are finding it so difficult to justify attending post secondary school. University and college costs too much and there is not enough money for most families to afford further education for their children at this time.
Recently, Vice President Biden promised to work with the Treasury Department of the United States to find new ways in which to help American families send their children to university or college. In doing so, Vice President Biden would be researching ways in which he could make low interest loans against tax-deferred savings plans. These 529 savings plans which are so named because of the federal tax code in which they operate, have been almost shoved out of the stock market as the state budgets have also taken a turn for the worse.
Also Vice President Biden has suggested that he will push for more money from the Pell Grants and that he wanted to structure more tax credits for families who were struggling to put children through university or college. Student Loans would be made more available and less crippling for the graduates. Biden spoke about this sensitive topic while attending a meeting of the Middle Class Task Force.
These ideas are all fine and grandiose; however, when do the credits and the student aid actually begin? It will take at least two years to have a general consensus in congress about where the money will come from and to whom it should go. Why should post-secondary private institutions receive extra aid when public schools are in dire straits? Should we not start with the elementary schools and help the younger students to read and write before worrying about their post secondary education? These are pertinent questions which deserve pondering before we proceed forth with more tax credits and financial aid for students.