In his State of the Union address, the President proposed the following reforms for higher education:
To make college more affordable, this bill will finally end the unwarranted taxpayer subsidies that go to banks for student loans. Instead, let’s take that money and give families a $10,000 tax credit for four years of college and increase Pell Grants. And let’s tell another one million students that when they graduate, they will be required to pay only 10 percent of their income on student loans, and all of their debt will be forgiven after 20 years –- and forgiven after 10 years if they choose a career in public service, because in the United States of America, no one should go broke because they chose to go to college.
Loan forgiveness is all well and good, but how about making more Stafford money available to students? These government loans are still stuck at a maximum of $20,500 per year while graduate school tuition rates alone have soared to an average of at least $31,000, with all other expenses additional.
