Prospering with an affordable college education
In its current form, the Higher Education Act reauthorization bill, known as the PROSPER Act, would make higher education more expensive, undermine student aid programs and eliminate important student consumer protections. Under the bill being weighed by lawmakers, some 72,000 University of California students would feel the effect of eliminating the in-school student loan subsidy, an action that would add an estimated $70 million in student loan debt to each new freshman class… the bill excludes mandatory inflation adjustments for Pell Grants, further eroding the value of a grant that has already decreased substantially in purchasing power over time. In 1975, Pell Grants covered 79 percent of the cost of higher education, while today they cover just 29 percent…
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by Janet Napolitano, The Orange County Register.