BY KRISTIN BRITTAIN
Lions’ Pride Editor in Chief

Good news for current and former students, President Obama promises to make school a lot more affordable for students currently enrolled in college and for recent graduates paying back student loans.

College costs have grown nearly 40 percent over the last five years. 60 percent of all college graduates will leave college with debt and the average student will be around $19,000 dollars in debt. Obama is calling on America to reclaim its place as the world’s leader in producing college graduates. The economic slump is creating more people defaulting on student loans and rising rates to accompany them. Students as well as private and public schools are suffering.

During Obama’s State of the Union address he advertised education as one of his top priorities. Obama’s recent budget request for 2011 will propose a $10,000 tax credit for families paying for four years of college, and more money for Pell Grants that help low-income students afford college. Obama is also requesting an expansion of an income-based student-loan repayment program.

“Let’s tell another 1 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,” said Obama during the speech.
Obama’s new program will put a cap on the monthly minimum payment a person must pay every month.

“Let’s tell another 1 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,” said Obama.

The amount of money a student can receive from the Pell Grant will rise as well. This increase will help make higher education affordable for many more students than previously. Over the next few years by the maximum amount available through the Pell Grant will reach $5,400.

The overall budget for discretionary education funds, compared to last year, will increase in $3 billion dollars, six percent more than last years. This includes educations programs for things other than the Pell Grant.

With 92 percent of Saint Leo students receiving financial aid, Obama’s new initiative will help both past, present, and future Saint Leo students immensely.