“Obama’s student reform bill”
In conditions when the American economy is already suffering from the recession’s aftereffects, it has yet to face another challenge. Acknowledging expensive tuition fees and other towering educational expenses inflicted upon students, President Barack Obama proposed a new strategy to help alleviate student loans and debts.
It has been estimated that the total outstanding debt has exceeded $1 trillion which is more than the total credit card debt of the nation. Hence a plan for bailing out students was an urgent move government had to make. ” This new bill is great because it allows students to comfortably receive finical assistance writhe out thinking about having to make these outrageous payments whenever that time dose come” said Current Southeastern Louisiana University’s Student Jantel Joseph.
It is also important that the bill will go into effect from next year instead of 2014 which was set as an earlier date for the bill. In addition to this an official document which has been released by the White House said that even though the time span of debt forgiving has been reduced from 25 to 20 years, it is anticipated that over 1.6 million will be affected from the bill as they will be in a better position now to repay the loans they had taken to pay their educational expenses. “The bill only covers students who will be reviving financial aid beginning 2012. With that said I love the Bill but wish it was retroactive, as of today I am still thousands of dollars in the hole because of student loans and I graduated five years ago” said former Sothern’s University Alumni Dedera Scott.
The bill on one hand has been received positively by students and has also been encouraged by former politicians and members of Democrat party. Former President, Bill Clinton also love the reform and said that, “I like the jobs plan, I think it would help,” Clinton said in a speech at his alma mater, Georgetown University, in Washington, D.C. “I like the student loan plan.”
On the other hand the Republicans did not cast their vote of confidence for the bill. Senator, Mike Enzi, the ranking Republican on the Senate Health, Education, Labor and Pensions Committee expressed his concerns upon the bill by saying that the bill has been crafted by Obama and his government behind closed doors and any sort of negotiation or discussion regarding the salient features of the bill have not taken place on any political platform. He further said that they are left with no more questions but answers about the effectiveness of the bill and the level of relief it can provide to students in such alarming circumstances.
According to Republicans the best way of lowering this rising level of debt is to reduce the expenses and funds which are being allocated for health care costs so that the government can effectively prioritize their agenda and design their policy for that reason.