Obama’s proposed changes could improve higher education

On Wednesday, President Obama gave his first long speech to the nation in his State of the Union address. We hope you did your civic duty and tuned in, but in case you missed it here's a few bullet points: he emphasized the importance of boosting the economy through job creation, he said he will cut taxes and government spending and he said he's pulling all combat troops from Iraq by August. Perhaps most important though, at least for UNH students and college students around the country, is what he said about education.

Obama plans to pass a bill that says college students who graduate will only be required to pay 10 percent of their income on student loans, and if they haven't paid everything off in 20 years, their debt is forgiven. And if they choose a career in public service, their debt is forgiven after 10 years. The man's a genius.

Consider this example: an out-of-state student graduates from UNH in four years and pays for half his or her tuition with student loans, which adds up to about $71, 000 by current tuition costs. Say the graduate lands a job paying $30,000 per year, less than the median salary earned nationwide. That means he or she will pay $3,000 per year on student loans for 20 years and see the last $11,000 erased from his or her debts. And if the same student paid for their entire education with student loans, the savings would eclipse $80,000. The idea is a lifesaver for students drowning in debt up to their mortarboards.

Obama has laid out a plan that gives incentive for students to go to college even if they can't afford it. He said in today's economy, a high school diploma no longer guarantees a good job, and one could argue the same could even be said about a college diploma. But with this proposed bill, paying your student loans isn't an impending nightmare; it's fair.

Obama said the bill would "revitalize" community colleges, an essential career pathway for the working class, and end taxpayer subsidies that go to banks for student loans. It will also give some families a $10,000 tax credit for four years of college and increase the Pell Grant program, which offers need-based grants to students from low-income households. He even pointed his Uncle Sam finger at the colleges and universities themselves because they too need to cut their costs and help solve this problem.

The State of the Union address is important every year, but rarely does it mean so much for college students. The bill Obama has proposed could drastically change higher education for the better. Now we've just got to hope Congress does their part and passes the damn thing.