Within a few days, Americans will either re-elect President Barack Obama, or Americans will decide on an untested, and controversial Mitt Romney to become President. The choices Americans make can have far-reaching affects on student financial-aid, the availability of scholarships ad grants, as well as federally-backed student loan programs such as Federal Stafford Loans, FAFSA, and Pell Grants, etc.
The position of Barack Obama is fairly clear: he envisions the federal government assisting millions of students secure financing for their collegiate education. President Barack Obama proposes the following student loan reform measures.
President Obama compares his scholarships, grants, and financial-aid plans with Romney's positions. Specifically, President Obama promotes a "Pay As You Earn" plan, which caps monthly federal student loan repayment at 10 percent of monthly discretionary income. It also breaks down benefits depending on where someone lives.
Whereas his opponent, Mitt Romney offered not a plan but a rebuke to current and touted scholarship, grants, and financial-aid plans. For example, Mitt Romney was asked by a college student in August 2012 what he would do if elected to address the student debt crisis. Romney said. "I am not going to tell you something that is not the truth, because you know, that is just taking money from your other pocket and giving it to the other pocket."
Romney added, "I'm not going to promise all sorts of free stuff that I know you're going to end up paying for. What I want to do is give you a great job so you'll be able to pay it back yourself. And I want to get the government off your back, so you can keep more of what you earned."
That sounds wonderful from Mitt Romney. However, if you are going to give us sugar-coated soothing words, we need at least some bread and/or meat too.
The Obama plan for improving scholarships, grants, and financial-aid appears to represent at least a sandwich of solid proposals whereas Mitt Romney suggests to students to simply borrow more funds from your parents. We all know that traditional parents do not have an extra $15,000, or $45,000 sitting around the house. Perhaps the friends of Mitt Romney, a reputed billionaire, have such funds; however, the typical American parent does not.
If students are going to borrow money, I suggest that your parents should be your last alternative. Your first option should be private lenders. One great source is detailed in our article about student loans, and personal loans.
For more information about this great program, please review this article, and get started today.
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