Showing posts with label student loans. Show all posts
Showing posts with label student loans. Show all posts

Thursday, May 24, 2012

McCaskill Continues Fight to Keep College Loans Affordable


U.S. Senator Claire McCaskill continued her fight today to keep college loans affordable by preventing a doubling of federal interest rates, arguing that access to an affordable education is tied directly to ensuring Americans can compete for the jobs of the 21st century.

“With the July 1st deadline quickly approaching, now is not the time to play politics with our kids’ and grandkids’ educational opportunities,” McCaskill said. “I hear from Missouri students every day that are worried about how these rate hikes, and the extra debt that would mean, will affect their access to college, and their job prospects.”  

If Congress does not act by July 1, student loan interest rates for new Stafford subsidized loans, currently capped at 3.4 percent, would double. Missouri will be home to more than 160,000 student borrowers in the 2012-2013 school year, and a doubling of federal student loan interest rates to 6.8 percent would increase interest payments made by Missouri students and families by more than $129 million in the next school year alone.

Today’s proposal was the second vote this month McCaskill supported in order to keep interest rates at their current levels without adding to the national deficit. The measure again failed to gain the 60 votes necessary to advance. McCaskill, who waited tables to pay her way through college and law school, said that college costs today are already too high and pledged to continue her fight for access to education for Missouri’s families.

McCaskill has been an outspoken advocate for access to education, voting in 2010 to cut out for-profit big banks from the student process, putting loans directly in the hands of students and their families. This change freed up more than $61 billion used to cut the national deficit and provide a needed boost in Pell Grants.

During her first year in office, McCaskill helped pass the College Cost Reduction and Access Act, which made college more affordable for Missouri families by boosting Pell Grants, cutting interest rates on college loans to 3.4 percent, providing loan forgiveness for students who spend ten years in public service, and opening up TEACH Grants for undergraduates who commit to teaching in high-need districts.

Tuesday, October 7, 2008

Silver-Haired Legislature Identifies Priorities

Silver Haired Legislative delegates from all areas of the state met September 29, 30 and October 1, 2008 for their 35th annual legislative session. Delegates debated and voted on twenty-two separate proposals during a three-day session, which took place at the Capitol Plaza Hotel & Conference Center, as well as the House and Senate Chambers of the Capitol in Jefferson City. Delegates attending from the Northwest area were Senators: Sharon Ferris, Trenton; Dale Faulkner, Tarkio; Helen Leimbach-Zech, Plattsburg. Representatives: Edwin & Dorothy Allender , Chillicothe; Dale & Patricia Midland, Maryville; Martha Rush, Sheridan; John Murphy, Maysville; James Crenshaw, Lathrop; Claude Brandon, Savannah; Joyce Nixon, St. Joseph; Jennie Vertrees, Princeton; Mary Catherine Damm, Chillicothe; Howard Trullinger, Eagleville.
At the conclusion of the session, delegates voted on their top five priority bills for presentation to the Missouri General Assembly, scheduled to convene in mid-January. Silver Haired priorities include:
1. Comprehensive Entry Point;
2. Increase Area Agencies on Aging Meal Funding;
3. Increase Missouri Health Net Asset Levels:
4. Increase Personal Needs Allowance of Facility Residents on Medicaid;
5. Regulate Payday Loans.

Monday, April 28, 2008

Nixon Unveils Missouri Promise for College Education

ST. LOUIS – Attorney General Jay Nixon today announced the Missouri Promise, a new plan he says will provide a pathway for middle-class Missourians to earn a four-year degree from a state college or university -- tuition free. Nixon announced his plan on the campuses of the University of Missouri at Saint Louis, Columbia and Kansas City.
"With tuition skyrocketing at colleges and universities across the state, too many middle-class families in Missouri are getting squeezed by the cost a college education," Attorney General Nixon said. "While other states have been making college more affordable and accessible, Missouri has moved backwards. The Missouri Promise will create a pathway to a four-year degree for those families struggling to afford college tuition during these difficult economic times. We must make the dream of a college education a reality for all Missouri families."
Building on the state’s existing A+ Schools Program, the Missouri Promise creates a pathway to a four-year degree for Missouri students who satisfy specific academic, community service and financial need requirements. After completing a two-year associate’s degree at a Missouri community college or technical school under the A+ Program, students who meet the criteria would be eligible to access the Missouri Promise scholarship to cover cost of tuition at a Missouri state college or university.
To implement the Missouri Promise, Nixon will:
(1) Expand the existing A+ Program, which is currently available to only half the state’s high school students, so that all Missouri high school students who meet the performance requirements have an opportunity attend community college or technical school tuition free.
(2) Offer all high school seniors who plan to access an A+ scholarship the opportunity to sign the Missouri Promise, a contract between the student and the State of Missouri that will allow the student to earn a four-year degree after completing his or her two-year degree at a community college or technical school. In exchange for earning good grades at the community college (3.0 GPA), completing 50 hours of community service per year of participation and avoiding disciplinary action, the student then will receive a Missouri Promise scholarship to complete his or her four-year degree at a state college or university.
The Missouri Promise is intended to target middle-class Missouri families who are struggling to afford the cost of tuition. In order to be eligible for a Missouri Promise scholarship, the student’s Estimated Family Contribution (EFC) must be below $12,000 annually. Under Nixon’s plan, the EFC will be based on the same formula used for federal aid when students file the Free Application for Federal Student Aid (FASFA) form. For example, a family of four with one child in college could have an annual income of roughly $80,000 and qualify for the Missouri Promise.
For details on the eligibility chart, see: http://www.finaid.org/calculators/scripts/quickefcchart.cgi
To qualify for a Missouri Promise scholarship, the student must apply for and take advantage of all federal and state financial aid already available, as well as applicable scholarships offered by the colleges and universities.
Based on estimates provided by the Missouri Department of Elementary and Secondary Education, the expansion of A+ and the implementation of the Missouri Promise will cost approximately $61 million.
Joining Nixon today was State Rep. Clint Zweifel, D-St. Louis County, who has sponsored a similar bill in the Missouri House of Representatives (HB 1693).
"No child in Missouri should be barred from a four-year degree because of the constantly increasing cost of higher education," Rep. Zweifel said. "I’m glad to stand with Jay and let Missouri’s students know that if they’re willing to commit to good grades and good citizenship, we’re willing to commit to helping them earn their college degree. The Missouri Promise will change the lives of thousands of Missouri students and move our entire state in the right direction."
Former State Sen. Jim Mathewson, D-Sedalia, the author of the original A+ Schools legislation, praised Nixon’s proposal as an extension of the work he began years ago.
"When we created the A+ Program, our goal was to help Missouri’s young people get the education and skills they need to lead productive, fruitful lives," Sen. Mathewson said. "The Missouri Promise takes that original idea a step further by creating a pathway to a four-year degree for anyone who’s willing to devote time and effort to their studies and community service. This is a wonderful program, and I am proud to stand with Jay and will do everything I can to support his plan."
Higher education leaders also pointed to Nixon’s plan as a giant step forward for higher education accessibility and affordability in the state.
"The Missouri Promise would turn the dream of a college education into reality for families across Missouri," said Dr. Charles McClain, former Commissioner of Higher Education, former president of Truman State University and the first president of Jefferson College, the original two-year community college in Missouri. "As college tuition continues to skyrocket, this program would give every family in Missouri an accessible and affordable option. As an educator, I’m extremely excited about this plan and the positive impact it will have on students in our state."
University faculty have endorsed Nixon’s plan as well, citing the tremendous debt that increasingly burdens recent college graduates.
"As a professor, it’s disheartening to watch my students celebrate their graduations and immediately face thousands of dollars in debt," said Dr. Terry Jones, professor of political science at the University of Missouri – St. Louis. "This program will allow our students to start their careers and not worry about paying off student loans for years – if not decades. I fully support this plan because I know what a difference it will make for students and families in our state."