Saturday, June 16, 2012

Double the studenet loan rate? Double hit on the middleclass ...

Jun 14, 2012 strader2012

In her sophomore year of high school my older sister dropped out. She didn?t think she was smart enough to keep going- and felt like she would be able to help contribute to supporting our family if she took a job.

A few short years later, at 18 she gave birth to her first child, my nephew. She wanted to provide more for him than she felt she was able to and knew to accomplish that she would need a diploma.

While I was attending classes that summer at the local community college I saw a notice for a class that helped people obtain a general education diploma (G.E.D). I told my sister about the class and urged her to attend. Being scared and unsure about what to expect- could she complete the work, learn the material, as well as manage working and taking care of her little boy. I told her not to worry and that I would do everything I could to assist her.

During the next 3 months I helped her by babysitting while she was in class and driving her to and from the campus. At the end of that 3rd month she took a test to obtain her G.E.D. and she passed! A few weeks later she received her G.E.D in the mail. I was so proud of her and excited that she was able to look at pursuing higher education. That degree meant so much to her that it sits in a frame in her home and she often thanks me for being there for her to help her achieve that goal.

It took another few years when she felt she was ready to pursue a degree in Early Childhood Education. By this time she had been working as a head teacher in a two-year old classroom and had two more children of her own. I showed her how to apply online for Federal financial aid using the Free Application for Federal Student Aid (FAFSA). She wasn?t afforded much in terms of grants to attend school and was approved for a student loan.? She took the Stafford loan both subsidized and unsubsidized to cover the cost of tuition and books.

While attending school she was offered a job as Program Director at a local Daycare center. She loves her job. She is amazing with children and has spent many years caring for them. I know for many years while I left my children with daycare centers while I worked it always made me more comfortable when I knew the staff watching my kids were dedicated to what they did and really cared for them, just like my sister. I am so proud of my sister and what she has accomplished. I always knew she would do a great job and I am happy that I was able to help her achieve her goals.

Now, as she is working full-time, raising three children and her husband is out of work they are struggling to make ends meet. In two short weeks she is facing the possibility of her student loan rate doubling from 3.4% to 6.8%. With the salary she is making, and the possibility of her rate increasing, she faces not being able to afford to pay her bills and payback her student loans.

What are we saying as a society when only those who can afford higher education get it? And if you can?t afford it but want a loan, you had better seek out a degree that will ensure you make six figure salaries in order to pay it off.

By taking up such a societal philosophy, we are truly on our way to disseminating the middleclass of America . . . and our middleclass has been hit in the gut for far too long.

For the first time in history Americans, like my sister, owe more in student loan than credit card debt. I want to go to Congress to ensure that every hardworking student gets a fair shot to obtain the skills and training they need to be competitive in this economy and can afford to pay back the loans they took out to do so.

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