Student Loans & Health Care Reform

Posted: March 24, 2010 in Uncategorized

Congratulations on reading past the title, I know everyone like myself is getting sick of the creative and not so creative blog titles, Facebook status updates, and political cartoons.  The good news is I’m going to try and not impose my beliefs throughout this.

Love it or hate it we as a country have been torn apart at the seams over Health Care Reform these past months.  Starting with the historic vote that took place Sunday night we have progressed from health care debates to the dramatic signing of the bill by President Obama and his twenty-something pens.  I have followed along pretty closely with this whole process, and although healthcare is not the most prevalent thing in my life as a student, I do care.  It’s difficult to find a person that is truly unaffected by this bill, so many things found their way into this bill that you really needed to pay attention to the 2,000+ pages of fine print.

Personally, the best part of this bill is extending the age of healthcare coverage through parents, that college kids like myself enjoy.   As a student, I am now able to remain on my parent coverage until I’m 26.  I turn 25 next November and have been dreading the day I lose my coverage, now I can continue with school one more year, and have one more year of knowledge and experience when I enter the workforce once again!

The second aspect of the bill that affects me as a student is, Student Loan “Restructuring,” I’ll call it that for lack of a better term.  From what I can gather, the government will now be underwriting all student loans through FAFSA.  No longer will you be prompted to choose your lender, the government will take care of that for you.  What does this mean though?  It is going to end the subsidies that were given to privet lenders and also proposes lower interest rates, lower caps for loan repayment and even raise Pell grant awards by $200 next school year and almost $500 over the next decade.  It’s pretty exciting stuff; bottom line is that there should be more money available across the board and the loan repayment process should become much less painful.

Hopefully these are issues you are aware of already, but if not, now is the time to start paying attention.  The changes that are about to unfold are real, and are really going to affect you.  Get informed, get involved and get invested because it’s your future too!

  1. Carrie Field says:

    The student loan reform is really cool. This will be such a huge help for people who need that extra buck (and as a student, who doesn’t??). Thanks for putting this out there!

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