President Obama may be fast approaching the end of his term, but don’t worry student; he has not forgotten about you. In his plans for next year, he has included many initiatives involving education, to help increase the number of student achieving college degrees, and decrease the number of students suffering from extreme college loans.
What stops too many from furthering their education and pursuing a degree is the financial limitations. From tuition fees, to room and board, to textbooks, and more, college can be extremely pricey for most individuals. But with the new initiatives brought on by the Obama administration, college can be a more obtainable goal for individuals looking to improve their education and futures.
While many question these decisions, and some question college institutions in general, a college education will no longer become a rare goal. In fact, it is expected that within the next five years the majority of jobs will require a college degree. Now is the time to enroll and work your way toward a degree, and the 2016 goals of the Obama administration will help you.
Here are the changes Obama intends to make in 2016:
Update Pell Grants with Inflation Rates
As of right now, the Pell Grant is currently increasing each year along with inflation, which is great. However, in 2017 that is expected to stop. So with inflation, the grant would remain the same, even though student are in need of more money due to inflation. Obama and his administration intend to restore this initiative and prolong the inflated Pell Grants to provide students with sufficient funds to help them through school.
Help Lessen Student Loans
While students have the opportunity to borrow money to pursue a degree, Obama understands that these loans can come back to haunt you. To alleviate some stress, his plans show that he wants to help individuals with existing debt by capping their loan repayments at ten percent of their income, so that individuals are not over-burdened with repaying their loans, whilst still working to sustain themselves and their families. This plan, titled the Pay As You Earn Plan, or PAYE plan, is currently in the works and is hopefully going to be extended and improved for all who need it.
Investing in Higher Education and Universities
Almost every successful student has a successful professor standing behind them. Obama understands that schools need money to help students improve their educations and to help forward the goals of the United States. With extra funding to universities, schools can achieve more and improve the education system and enhance the learning experience for students. Education starts at the root and grows from there.
Tuition-Free Community College
Not all who wish to attend college can afford a four-year university, or even plan to go to school for that long. Community college can be the better option for many individuals to get their associates degree, or to save money before transferring to a four-year school. While many grants and scholarships are offered for larger colleges and universities, community colleges often get the short end of the stick. But if Obama’s plans are put into place, community college fees will be waived for responsible and driven individuals on their way to a career or a degree from a four year university. About 9 million students in community colleges could get free tuition if this initiative is put to action.
Improve Education Tax Benefits
Everyone stresses out a little extra during tax season, but Obama doesn’t want students to be burdened with paying high taxes while they are still working towards their degree. So he plans to cut taxes for students and families with students to help them pay for school instead of worrying about taxes. These families can also claim up to $2,500 in education tax benefits to help pay for school provided through FAFSA, the Federal Application For Student Aid.