If there fails to be any compromise or decisions made by our elected leaders in Washington, millions of students will be affected by cuts in student loan aid. All student loan programs will be cut by 8.2 percent--or $140 million each--when the sequestration goes into effect in January. Many other higher education programs, including many graduate programs, will also take a hefty $153 million cut.
Then there’s the Pell Grant program.
Pell Grants, roughly $42 billion, are exempt from the first year of cuts in the sequestration--but only for the first year. Even Pell Grants won’t escape the fiscal chopping block beyond 2013. With the President’s willingness to chop student loan aid for his precious tax hikes, it wouldn’t be a surprise if Pell Grants took a major cut.
Students may finally see cheaper tuition with fewer federal loans and grants flowing into the pocketbooks of the higher education bureaucrats--but not without consequences.
The slash in federal aid and grants will inevitably lead to fewer students attending college. That’s certainly not what young Americans were told or what they voted for in this election.
But, as everyone has been tirelessly saying, elections have consequences. The “fiscal cliff” isn’t a new phenomenon, it’s been an economic reality that’s been looming on the horizon. And just like the “fiscal cliff”, the president’s empty playbook isn’t new either. President Obama has been packaging lies for young people for the last four years, and conservative leaders should have been on campus exposing them.
They didn’t, and now we have four more years to look “forward” to and we start by heading “forward” off the fiscal cliff. Young Americans will continue to learn the hard way that President Obama’s policies won’t help their future.
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