2008 Woodie Awards
Bush signs bill to lower costs
Leslie Walters
Issue date: 10/16/07 Section: News
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Lizzie Maloy, a sophomore graphic design major from Long Beach, believes that debt is a major concern for students.
"When graduation gets closer, a lot of students see the pressure of debt payments on the horizon," said Maloy.
The Pell Grant, which provides college access to approximately 5 million students each year, will be increased to a maximum of $5,400 by 2012. Interest rates on subsidized Stafford loans will be reduced from the current 6.8 percent to 3.4 percent over the next five years.
An income based repayment program will allow borrowers to pay 15 percent of their income, which encourages students to make employment decisions based on values, not their volume of debt.
In this same respect, students interested in a career in public service would have their remaining loan balance forgiven if they remain in public service and make responsible loan repayments for 10 years.
"Hopefully this will bring about greater access to higher education for typically under-represented portions of the population," O'Quinn said.
She added that 90 percent of the fastest growing jobs in America's workforce require a degree beyond a high school diploma.
O'Quinn said that an educated workforce is important to our future economic security, especially since Mississippi is working to draw more industry to the state.
"It is only through access to higher education by our citizens that the United States can secure a productive and advancing workforce for the future," O'Quinn said. "Our economy and out lives depend on it."
"When graduation gets closer, a lot of students see the pressure of debt payments on the horizon," said Maloy.
The Pell Grant, which provides college access to approximately 5 million students each year, will be increased to a maximum of $5,400 by 2012. Interest rates on subsidized Stafford loans will be reduced from the current 6.8 percent to 3.4 percent over the next five years.
An income based repayment program will allow borrowers to pay 15 percent of their income, which encourages students to make employment decisions based on values, not their volume of debt.
In this same respect, students interested in a career in public service would have their remaining loan balance forgiven if they remain in public service and make responsible loan repayments for 10 years.
"Hopefully this will bring about greater access to higher education for typically under-represented portions of the population," O'Quinn said.
She added that 90 percent of the fastest growing jobs in America's workforce require a degree beyond a high school diploma.
O'Quinn said that an educated workforce is important to our future economic security, especially since Mississippi is working to draw more industry to the state.
"It is only through access to higher education by our citizens that the United States can secure a productive and advancing workforce for the future," O'Quinn said. "Our economy and out lives depend on it."
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