The Congress has undoubtedly paid the greatest focus to tax and healthcare but they should now concentrate on education as well. Time should be given to make reforms for the federal government's role in high-quality education. The following are five major areas for educational reforms.
First and foremost, the federal loans should be limited, according to The Forbes. The Stafford Loans and the PLUS Loans, for example, are extremely large. This accumulates a very high cost of attendance of college for the students and their families and hence, such loans should be capped. It is believed that since the benefits attained from college are not infinite, the loans provided for them should not be immense either and should be eliminated.
Furthermore, those colleges and educational institutions, which rely too heavily on federal assistance, should also be properly dealt with. Such institutes grant students a lot of federal aid and most of it, at times, goes to the institute's revenue. Such colleges should contact private financiers for more financial aid.
Thirdly, the reforms should keep a check on the accreditors too, who are sometimes biased in their decisions and policies to give federal aid and funds to various colleges. These accreditors can often be impartial and not authorize the funds as needed.
Republicans should not be fooled into believing that a Republican president would entail the end of regulatory overreach, Conservative Angle noted. It should also be stressed that the congressional republicans should go ahead with their REINS Act and pass it. Limitations should also be put to Obama's Education Department.
Lastly, new student loan repayment strategies should be devised. The reforms should be on the basis of the income borrowed. This way, the interest rates would be different as well. For instance, someone borrowing a few thousand should not have the same repayment rate as someone borrowing an extremely large sum of money.
