Presidential Candidates Recognize the Importance of Higher Education Reform
As the upcoming Presidential election approaches, there is an increasing focus on educational programs. Often overlooked, higher education has become a platform both Democratic and Republican candidates are paying more attention. President George W. Bush and candidate Senator John Kerry have included unprecedented proposals regarding higher education in their campaigns.
St. Petersburg, FL (PRWEB) September 23, 2004
As the upcoming Presidential election approaches, there is an increasing focus on educational programs. Often overlooked, higher education has become a platform both Democratic and Republican candidates are paying more attention. President George W. Bush and candidate Senator John Kerry have included unprecedented proposals regarding higher education in their campaigns.
Student loan reformation has taken a front seat in political agendas for significant reasons. Each year, higher education institutions increase tuition rates by an average of 7 percent (even more in private institutions). Currently, first-year students are limited to $2,625 in federally backed student loans, an amount far below the average tuition rates nationwide.
President Bush’s plan calls to increase federally backed student loans, encourage dual enrollment and increase awards received by AmeriCorps Education, all with the intent to expand access to higher education. David Eisner, CEO of the Corporation for National and Community Service, states, “This budget request is a sign of how vital our programs are to President Bush's goal of creating a new culture of citizenship, service, and responsibility in our nation.”
With recognition of the imminent challenges faced by low-income families trying to afford higher education, Senator John Kerry has voiced his own agenda on the issue. According to Kerry, if elected he will offer a fully refundable College Opportunity Tax, increase aid provided to states that keep tuition down, entice students to participate in service-learning initiatives and eliminate the subsidized and guaranteed profits currently received by private lenders of student loans (i. e., banks and credit unions). Kerry’s campaign said in a statement, “…When student interest payments fall short of this rate [3.4 percent], the government makes up the difference. Currently, however, when student payments exceed this rate, lenders get to pocket the extra money.”
Every year, the student loan industry funds billions of dollars in higher education. Reformation to the Higher Education Act is frequent, as the industry grows and requires new provisions. According to Rick Castricone, a representative for American Collegiate Financial Services (ACFS), “Typically, most people are quite naïve when it comes to student loans. This includes how they obtained them, who they owe, and how they are going to repay them.” Reforming higher education initiatives is increasingly important to make education more accessible.
About ACFS
ACFS is set to become the nationÂ’s leader in providing financial assistance to student loan borrowers. Its purpose is to educate students and parents regarding student loan debt. Since its inception in 2002, ACFS has assisted thousands of borrowers in the management and consolidation of over $1 billion in student loans. ACFS makes higher education more affordable through an innovative loan product and superior customer service. ACFS, based in St. Petersburg, FL, offers the nationÂ’s best student loan advice at 800.304.1471. For more information on ACFS, visit www. OneStudentLoan. com.
For additional information or full article, please contact:
Janel Landis
American Collegiate Financial Services
(800) 304-1473 ext. 1007
(727) 644-5664
###
