Later in this speech, Obama shares his story of loan debt after marrying Michelle and taking many years to finally pay off this joint student debt. He also shares about a time he communicated with a dental hygenist student who falling into a deeper debt in paying for her school because she is having to pay $4 for a gallon of gas. Obama promises her, as well as every other college student in the world, that this time will pass and they will be able to afford, and finish, their schooling. According to this plan, Obama is going to cause a major increase in our national debt. Although, with people getting the money to afford college, we are going to see an increase in the job demands since there will be more degrees being accomplished. Obama has thought a very good plan in making people help the community by earning 100 hours to recieve the $4,000 but many people will begin to achieve this, if they haven't already. http://www.msnbc.msn.com/id/25214156/ns/politics-decision_08/"I was given love, and I was given support, but most importantly, I was given an education that put me on a pathway to my dreams. So was Michelle," states Obama during a speech.
Monday, April 4, 2011
Obama Promises Tuition Tax Credit
President Obama is promising struggling college students to help pay for college due to his student loan debt. For $10 billion a year, Obama is promising $4,000 in tuition for each student who achieves 100 hours of community service. A campaign, involving an Illinois Senator, expresses how they are struggling with rising fuel prices, educational costs, and other family demands. Campaigns like this are used to promote the presidents plans to help these families in need during the tough economic times.
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6 comments:
Great analysis. Will the majority of students who utilize this program use gas for transportation to meet the service requirements? I do believe this is “good debt”. Most financial analysis consider educational debt good debt because it is bettering the individual (in this case possibly the country), hopefully allowing for future technology and economical advances.
This could be considered "good debt" but I personally do not want to start my marriage as the Obama's did. There will already be many struggles in the first year of marriage, including financials, and I don't want a student debt to be a part of it. Just as you asked, students are going to have to spend gas money in order to meet the service requirements which, unless in a close community service area, will have to spend a lot of money on the $4 gas.
Another problem this plan could run into is the validity of the community service reports. How will the government know that the recipient actually completed their hours, and didn't just forge the documents?
Alison brings up a very valid point, would the government come up with a certain rule or requirement for the volunteer document to be valid. No one knows, but if the government spend extra money on this it would just be another accessory to increase our national debt.
I'm glad to see Obama finally trying to fix student debt. Also, it will encourage more students to go to college just so there is less probability that they won't have to stay in debt as long.
How is the governement giving tuition money to these students if the government is in debt themselves? I think it's a pretty good idea to award those students who go above and beyond to help their community. I just am confused on how the government is getting this money to give away. Knowing this, many students will begin to perform commnity service which is good for the community but will not help the national debt at all.
The government will require a lot more information. Community service would help the environment a lot, so even though this new thing will take a lot of money but should eventually help the economy. Obama has a good plan it's just going to take a lot of work to get it running.
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