New financial aid initiatives promising
November 14, 2006
It’s been an ambitious week for the Democrats in congress, and college students nationwide have reason to be glad of it. The 100-hour time allotment for the lofty Democratic agenda prescribed by the soon-to-be Speaker of the House Nancy Pelosi includes such initiatives as raising the minimum wage another dollar and severing student loan interest rates by half.
The cost of higher education has steadily increased as the funding from student aid programs has become less available, but Democrats have proposed increasing the Pell grant from its current $4,050 to $5,000. This increase is a welcome change, as the previous Republican initiatives focused more on diverting funds from existing financial aid programs instead of expanding them.
Another optimistic projection is the Democrat’s idea of making a permanent tax deduction for college tuition.
These changes could have a significant impact on the students who attend NIU. A large portion of our student body uses some form financial aid, and after years of consistently decreased state funding, lowered interest rates, increased grant funding and tuition-based tax deductions all provide a much needed break for indebted college students across the country.
It is refreshing to hear such assertive goals for issues that affect students so greatly, especially after an election focused primarily on the Iraq war. Hopefully the politicians who have proposed these ambitious goals will retain their zealousness long enough to see them through.