Considering the recent and widespread financial woes hitting our nation’s economy, the Bush administration’s recent proposal to buy out billions of dollars in federal student loans is a big step in the right direction for both colleges and the country as a whole.
Created to prevent current economic problems from affecting higher-education borrowing, the government would buy out federal loans through July 2009. The Education Department would then provide the necessary funds to create new loans.
The proposal comes just in the nick of time, as homes across the country have met foreclosure this year because of the economy, all while college education costs show no signs of slowing down anytime soon.
According to collegeboard.com, students and their families borrowed approximately $60 billion for federal loans last year.
This number will only increase in the coming years as college admissions across the country, both private and public, are becoming increasingly competitive.
Just this past year, UCLA saw its number of applicants jump upward of 55,000.
With the country facing a detrimental economic cornerstone, this helpful hand from the government is a small but important caution to take to ensure college is an option for everyone ““ no matter what the cost.