Photo Credit: AFP/Getty Images
By Wall Street Journal
President Obama recently concluded a five-year campus speaking tour in which he explained to students how his financing programs were making college more affordable. Then on Thursday he kicked off a new campus speaking tour to tell students that college is unaffordable, and that the financing program he has championed faces increasing defaults.
“We’ve got a crisis in terms of college affordability and student debt,” said Mr. Obama, without a trace of irony at the State University of New York at Buffalo. The same man who three years ago forced through a plan to add $1 trillion in student loans to the federal balance sheet over a decade said on Thursday, “Our economy can’t afford the trillion dollars in outstanding student loan debt, much of which may not get repaid because students don’t have the capacity to pay it.”
Naturally, the President blamed somebody else and demanded more authority over higher education.
Mr. Obama specifically blamed colleges and universities for charging too much. “Not enough colleges have been working to figure out how do we control costs, how do we cut back on costs,” he said. His solution is for the federal government to rate colleges on their effectiveness and efficiency, and then to allocate federal subsidies to the schools that Washington believes are providing the best education at the lowest cost.
Particularly jarring for Mr. Obama’s fans in the faculty lounge, he talked about them on Thursday in the same disrespectful manner that he normally reserves for entrepreneurs. “And I’ve got to tell you ahead of time, these reforms won’t be popular with everybody, especially those who are making out just fine under the current system. But my main concern is not with those institutions; my main concern is the students those institutions are there to serve,” said the President.
Read more from this story HERE.
_______________________________________________________________
Photo Credit: AP
By Terence P. Jeffrey
President Barack Obama’s college reform plan, released by the White House on Thursday, would encourage colleges to discriminate against applicants who come from families with total incomes of $60,000 or more by awarding colleges higher federal ratings and increased federal aid for admitting a higher “percentage” of students who receive federal Pell Grants, which the Department of Education says are for “low-income” students.
According to a study by the Congressional Research Service, in the 2007-2008 school year, only 2.3 percent of undergraduates who were still dependent on their parents, and whose total family income was $60,000 or more, received Federal Pell Grants.
According to the College Board, in the 2010-2011 school year, only 5 percent of all Pell Grants were distributed to dependent students whose total family income was $60,000 or more.
Colleges that admit and graduate a higher “percentage” of students on Pell Grants–as the Obama plan would encourage them to do–will necessarily admit and graduate a lower percentage of students who are not on Pell Grants.
A college that based its admissions policies solely on the merit of the individual applicant–and did not consider the applicant’s family income or eligibility for a Pell Grant in deciding whether to offer the applicant a place at the school–could be penalized under the Obama plan with less federal aid for itself and for its students if its merit-only admissions policy resulted in a student body with a lower percentage of Pell Grant recipients than other schools.
Read more from this story HERE.
Few people doubt that New Jersey Gov. Chris Christie hopes to become president in 2016. Unfortunately for him, he may have just signed away any chance of that.
