I woke up this morning shocked.
As we all know, Congress is currently preparing to vote on a debt ceiling deal struck between President Obama and congressional Republicans and Democrats (arguably), in order to save the economic health of our great Country. Many expect this deal to close today at noon with a final passage vote by the U.S. Senate.
What you (me) may not know is the way in which this legislation could ultimately change the federal student aid program and money granted to graduate students, more specifically, for school.
The Congressional Budget Office (CBO) predicts that the new “debt deal” legislation would
eliminate the subsidized loan program for graduate students.
eliminate the subsidized loan program for graduate students.
More specifically, CBO states in a letter to the U.S. Congress, “Beginning July 1, 2012, the bill would eliminate the interest subsidy on subsidized student loans for almost all graduate students while a borrower is in school, in the post-school grace period, and during any authorized deferment period.“
Current and future graduate students would not only be paying more for graduate school, but they would be paying MORE SOONER! Students would NEED TO PAY INTEREST WHILE IN SCHOOL!
Though it seems like this “deal” has already been made, graduate students, especially African American students, across the United States need to be made aware of this change. Many graduate students depend on these loans to help fund their graduate studies. Eliminating such funds will make it that much harder for African Americans to close the achievement gap and continue on to graduate school. Private funders and organizations, non-profits, university academic departments, and more will need to increase their support of graduate students to keep them in school.
This bill will also disproportionately affect the number of African Americans receiving graduate degrees from HBCUs and other private institutions. As these schools continue to cost higher than their public counterparts, many graduate students who attend these schools MUST DEPEND on unsubsidized AND subsidized loans for school.
In closing, I implore graduate students across the Country to HOLD their representatives accountable. HOLD President Barack Obama accountable! Send an email to Speaker of the House, the President, the Minority Leader, and the Majority Leader. Let your Congressional representative know how you feel about this “deal”.
As with most deals, games, and the like, there are always winners and losers. But it’s even more shocking when you didn’t even know that you were a part of the game?!
-Lauren E Williams, MPA
National President
National Black Graduate Student Association 2011-2012
Current and future graduate students would not only be paying more for graduate school, but they would be paying MORE SOONER! Students would NEED TO PAY INTEREST WHILE IN SCHOOL!
Though it seems like this “deal” has already been made, graduate students, especially African American students, across the United States need to be made aware of this change. Many graduate students depend on these loans to help fund their graduate studies. Eliminating such funds will make it that much harder for African Americans to close the achievement gap and continue on to graduate school. Private funders and organizations, non-profits, university academic departments, and more will need to increase their support of graduate students to keep them in school.
This bill will also disproportionately affect the number of African Americans receiving graduate degrees from HBCUs and other private institutions. As these schools continue to cost higher than their public counterparts, many graduate students who attend these schools MUST DEPEND on unsubsidized AND subsidized loans for school.
In closing, I implore graduate students across the Country to HOLD their representatives accountable. HOLD President Barack Obama accountable! Send an email to Speaker of the House, the President, the Minority Leader, and the Majority Leader. Let your Congressional representative know how you feel about this “deal”.
As with most deals, games, and the like, there are always winners and losers. But it’s even more shocking when you didn’t even know that you were a part of the game?!
-Lauren E Williams, MPA
National President
National Black Graduate Student Association 2011-2012
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