In both his State of the Union address on Jan. 27 and his proposed budget request released on Monday, President Barack Obama outlined what the government, as well as universities, should be doing to make college education more affordable and accessible.
U.S. Secretary of Education Arne Duncan called the projected education budget “a historic increase” from past education budgets in a conference call on Thursday.
It is the largest proposed increase in education funding since the G.I. bill of 1944, he said.
Duncan emphasized that it would not contribute to national debt since the money would be coming from bank subsidies.
Looking to reform the education system from early childhood up to college graduation, Duncan mentioned that one facet of the plan is to improve and expand online education. The obvious advantage is that it would be free and easily accessible, he said.
The budget includes plans to help the financial burden suffered by those paying for a college education by ending taxpayer subsidies that go to banks for student loans. Instead, the money would be used to create a $10,000 tax credit to a family for four years of college.
To help students with student loans, the budget proposes forgiving loans after a completion of ten years of public service, according to Duncan. Since teaching is such a popular public service field, this could also increase the number of teachers.
“We are aiming to get world-class teachers,” Duncan said.
Like Obama and Duncan, Penn has been working toward similar goals.
Within the community, Penn’s Mayor’s Scholars program and participation with Questbridge demonstrate an effort to make a Penn education more financially accessible.
Mayor’s Scholars, selected by Penn and the City of Philadelphia, are Philadelphia students whose financial needs are met 100 percent. This year, Penn has 184 Mayor’s Scholars.
Questbridge is a non-profit that pairs highly qualified low-income students with scholarship opportunities at top colleges.
Dean of Admissions Eric Furda is “excited about national presence of Questbridge,” especially Penn’s partnership with the program.
Having matched 14 students through the process last year, Furda said these students are now “doing very well.”
Drexel University is also working to make college more affordable, especially for Philadelphia students. A new plan has been announced to have 250 full scholarships available over the next five years for Philadelphia students.
