| In an attempt to stimulate the economy, the Obama | | | | early April. Students (or their parents) who submit their |
| administration just launched several initiatives to help | | | | materials ASAP will increase their chances of |
| defray the cost of getting college degrees and land | | | | receiving the greatest amount of funding. |
| high-paying jobs. The latest initiative was signed as part | | | | While student loans are a way for students to raise |
| of the Health Care and Education Reconciliation Act | | | | the tuition for either campus-based or online degree |
| last March. A big portion of this had to do with online | | | | programs, they really are only a quick fix. What many |
| schools. | | | | don't realize is sooner or later, they have to pay the |
| Prospective students of all manner, and at both | | | | loans back. While Obama getting the interest rates |
| campus-based and online colleges, who require | | | | reduced is a help, this repayment is something else |
| financial assistance to pursue higher education, have a | | | | long-range thinking kids should consider. That or get |
| great deal of government-funded options. It includes | | | | ready for some true sticker shock when the first bill |
| increased grants, tax credits and other features as | | | | comes. |
| Obama sincerely believes the true strength of a nation | | | | One thing lenders have started doing is letting students |
| is by its populaces' level of education. | | | | begin paying off the interest on their loans while they |
| One of the biggest changes is that Congress | | | | are still in school. Further, they will get to do it without |
| eliminated student loans that originate from private | | | | penalty. As a result, not only will the students reduce |
| lenders. The savings this produces will be used to | | | | their monthly payments when the inevitable comes, |
| boost the Pell Grant program. This benefits students | | | | they can start attacking the principle on the loans much |
| two different ways. The first is that college loans will | | | | sooner than those who don't start paying before the |
| now have a considerably lower interest rate, dropping | | | | bill is due. |
| as much as 6%. Further, the money will be plowed | | | | Another thing students worry about is being able to |
| back into the Pell, which should go as high as $5,950 | | | | also have a part-time job while trying to keep up with |
| by 2011. | | | | their course load. Fortunately, many online colleges |
| Applicants for the Pell must realize one thing, the | | | | allow students to complete their coursework on their |
| money will be handed out on a first come, first served | | | | own time, leaving them more open for jobs. In turn, |
| basis. Also, the amount each student receives is | | | | they can use some of that new income to begin |
| determined by tax information, so one is probably | | | | paying off their loans. |
| talking a tight window of between late January and | | | | |