Under the Obama administration, the motto “work hard, play harder” is continually being redefined to “work hard, pay harder”. According to The Wall Street Journal, a new plan is being finalized that will allow millions of low-income Americans to slash their monthly student-debt bills, in turn raising taxpayer costs for the government’s mushrooming student-loan portfolio. This week the Education Department proposed to expand eligibility for the Pay As You Earn program, which sets borrowers’ monthly payments as a small share of their income.
Education Department officials report that six million more Americans will become eligible this autumn for PAYE. The program caps monthly loan payments at 10 percent of discretionary income, defined as the amount above 150 percent of the poverty level. Well-paid graduates and those working minimum-wage jobs will be paying equivalent proportions of their income towards their student debt. While low-income borrowers who have incurred an unusually large federal debt reap the benefits of the revised program, a majority of college graduates and taxpayers will continue to suffer.
With a current outstanding student debt of $1.2 trillion, the White House continues to give people an economic incentive not to repay a loan. Because these loans are issued regardless of the borrower’s ability to repay, opponents of PAYE say the loans fund basic living expenses with tens of thousands of borrowers consuming aid even when they’re not enrolled for courses. Universities have also taken advantage of the flawed program, offering to pay student’s monthly bills under PAYE while simultaneously raising tuitions. The loans are turning into six-figure grants, debts the taxpayers incur.
Is the Obama Administration setting a double standard, promoting income equality, yet essentially paying young people not to pursue higher incomes? Is PAYE a program that allows those enrolled to take advantage of the system, while punishing those who work hard for their money?
Working after high school IS NOT getting you a financial jump on your college peers. You are instead creating self-inflicted wounds to your livelihood when you could be one of the six million new applicants prospering from Obama Hoods thievery. It makes absolutely no sense not to apply for financial aid with curriculums that allow you to maintain a job, programs that ease (or even lift) the burden of financial debt, and give you the opportunity to earn a degree to fulfill your childhood dreams! No individuals of any race, age, gender, or income class have an excuse to not get their degree, seeing expert assistance is as quick as completing your Scholarship.com profile.
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Posted Under:Back to School , College and the Economy , College Costs , College Grants , College in Congress , College News , Financial Aid , Grants , Student Loans
Tags:College and the Economy , College Costs , College Grants , College in Congress , College News , College Students , Financial Aid , Financial Aid Information , Financial Aid News , Loan Repayment , Loans , Student Debt , Student Loans
Whether it’s Bruce Jenner’s interview with Diane Sawyer outlining his journey from the world’s greatest athlete, to a surgery which induced womanhood, or actress Laverne Cox breaking the trans glass ceiling in the Netflix’s hit series, Orange Is the New Black, where a trans woman is actually played by a trans woman, the transgender community continues to break the boundaries of social acceptance. The transgender push for equality has now shattered the Higher Education glass ceiling. According to the Washington Post, starting next fall, University of California applicants will be the first wave of students given the option to signal their sexual orientation and any number of gender identities on their application.
This change is one of several new accommodations the university has made in effort to make the campus as inclusive as possible. “I think it introduces the kind of welcoming environment we want to have just by introducing the question on the first thing students will see, which is the application they’re filling out. We think it’s very important,” said Pamela Brown, vice president for institutional research and academic planning, who serves on the system-wide-advisory council on lesbian, gay, bisexual, and transgender issues.
UC undergraduate program applicants will now have the option to answer the following questions:
How do you describe yourself?(Mark one answer)
What sex were you assigned at birth, such as on an original birth certificate?
Do you consider yourself to be (Mark one answer):
The university hopes to one day implement these options in graduate study and employment applications. The information will enable them to track such students in order to monitor graduation rates and determine if the support available is sufficient.
President Janet Napolitano, who pushed for these changes with the creation of a task force last summer said “it doesn’t stop [here] – we must continue to look at where we can improve so everyone at UC feels respected and supported.”
University officials note that an applicant’s answer to any of the questions holds no bearing on chances for admission.