Home > Loan Articles > Obama’s Speech Stresses on Importance of Student Loans for Higher Education

Obama’s Speech Stresses on Importance of Student Loans for Higher Education

Todays Date: December 18, 2018

The United States President Mr. Barack Obama had highlighted the reforms that were made in the scenario of student loans as well as the various financial aid programs available in a speech given by him on 9th August, 2010 at 2 in the noon. It was done to review the administrative work for higher studies and he delivered the speech in the Texas University at Austin. It was like a victory speech and political pickup for Democratic Party and this will be prior to the mid term elections for Congressional Democrats. According to Obama, the reforms of the higher education would promote 4 pillars of his domestic policy and they include energy, health care and financial reforms as well.

Dan Pfeifferhe who is a Communications Director at White House says that they have been doing a lot of work on education reform and it is showing tremendous amount of progress in the recent times. He further says that the achievements and developments in higher education largely depend upon the kind of milestone they achieve in the remaining three areas. Barack Obama’s speech laid stress on 4 important points and they are summarized under the following headings:

  • The Federal Family Education Loan Program or popularly known as FFELP would come to an end. The taxpayer’s funds would not be able to be utilized in granting the financial aid to the students from several lending agencies; both federal as well as private. From now onwards, the loan has been transitioned into William D. Ford Federal Direct Loan Program under which the money would be made directly available to students and no 3rd person would be involved.
  • The amount of funds was limited to the black colleges as well as the community institutions. But from now onwards, the amount would be subsequently increased and the entire funding would be made available by the Federal government.
  • The Free Application for Federal Student Aid (FAFSA) would be made less strict and cumbersome so that the students can easily be eligible to get the required amount of money to complete their higher studies.
http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/digg_32.png http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/reddit_32.png http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/dzone_32.png http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/stumbleupon_32.png http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/delicious_32.png http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/technorati_32.png http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/google_32.png http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/yahoobuzz_32.png http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/mixx_32.png http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/twitter_32.png http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/jamespot_32.png
Comments are closed.