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Showing posts with label educational loan. Show all posts
Showing posts with label educational loan. Show all posts

Friday, December 02, 2011

Why is Higher Education Important ?

Higher Education
Higher education. What is it? Why do you need it? What do the statistics show? How should you, as a homeschooler, begin approaching higher education? And, most importantly, what is God's plan for your life?

What is it?
I often read articles, hear people speak, and wonder, am I the only one who doesn't know what that term is that they are using? Usually my question pertains to a commonly used term that I should clearly know the definition of, but just don't. Therefore, I'm going to start by defining higher education. Specifically, higher education is education provided by universities, colleges, and other institutions that award academic degrees. Higher education includes both the undergraduate (i.e., college) and the graduate (or postgraduate) levels. Higher education includes most professional education and is strongly vocationally or professionally oriented. Higher education differs from other forms of post-secondary (after high school) education such as vocational education. Vocational education is a form of secondary or postsecondary education but is considered non-academic as compared to higher education. The figure below is an attempt to visually show these levels of education and just where higher education fits in.

Levels of Education
Stages
Approx. Age
Level
Primary
4-10 yrs.
Elementary School
Secondary
11-18 yrs.
High School
Tertiary *
19-22 yrs.
College
Quaternary *
23 yrs +
Graduate School
* Higher Education

Why do you need it ?
Given that we have a basic definition of higher education, why do you need it? According to many sources I've studied, higher education offers graduates more jobs to choose from than are open to those who don't pursue education beyond high school, and graduates typically earn more than nongraduates. Specifically, the US Census Bureau reported in 2004 that, on average, a college graduate earns $54,704, significantly more than the $30,056 earned annually by someone with a high school diploma, or the $22,100 earned by a high school dropout. Another way of looking at these numbers is that, according to the Postsecondary Education Opportunity Research Letter (PEORL), the lifetime income of families headed by individuals with a bachelor's degree will be about $1.6 million more than the incomes of families headed by those with a high school diploma. The PEORL goes on to state that every dollar spent on a college education produces $34.85 in increased lifetime income--not a bad return on an investment.

Higher education improves an individual's quality of life. Studies show that, compared to high school graduates, college graduates have longer life spans, better access to health care, better dietary and health practices, greater economic stability and security, more prestigious employment and greater job satisfaction, less dependency on government assistance, greater knowledge of government, greater community service and leadership, more volunteer work, more self-confidence, and less criminal activity and incarceration. In addition, college graduates supposedly have greater use of seatbelts, more continuing education, greater Internet access, greater attendance at live performances, greater participation in leisure and artistic activities, more book purchases, and higher voting rates. As an aside, I have to admit that I was amazed at some of these items--not that I found them, but that someone actually researched this stuff and thought some of the items were enviable.

Dr. Heather Allen, Contributing Writer

Read More Current News At : http://bbc-cnn-worldnews.blogspot.com

Tuesday, October 25, 2011

Obama acts to ease burden of student loans.

Barack Obama
(Reuters) - President Barack Obama is taking steps to ease the burden of student loans, the White House said on Tuesday, potentially helping millions of cash-strapped college graduates in a tough economy.

Obama plans to accelerate a plan to cap student loan payments at 10 percent of income, bringing it forward to start in 2012 instead of 2014.

"Steps like these won't take the place of the bold action we need from Congress to boost our economy and create jobs, but they will make a difference," he said in a statement.

The loans initiative will be the third such move by Obama in as many days, following action to aid homeowners and boost hiring of military veterans. The White House wants to show he is an activist president battling a "do-nothing" Congress.

The loan changes do not require approval by Congress.

Republican lawmakers blocked a $447 billion jobs plan put forward by Obama last month because it raises some taxes.

Students helped push Obama into the White House in 2008. As he campaigns for reelection in 2012, Obama's public approval ratings have fallen near 40 percent, the low of his presidency, because of discontent with his economic stewardship.

Americans owe more on student loans than on outstanding credit card debt, and total loans outstanding are slated to exceed $1 trillion this year, according to the Federal Reserve Bank of New York.

The rise in private student lending and growing debt defaults have also been highlighted by the Occupy Wall Street protesters.

Obama will announce the student loan measure in Denver on Wednesday as he wraps up a swing through western states that will be vital to his re-election campaign in 2012.

The White House estimates the loan changes could cut monthly payments for 1.6 million graduates.

Student debt will also be forgiven after 20 years, compared with 25 years under current law.

More than 36 million Americans have federal student loan debt, but only 450,000 have so far taken advantage of the existing income-based repayment program.

Obama will also make changes to allow 6 million students to bundle together certain federal loans to allow a single monthly payment, reducing the risk of default caused by juggling multiple debt obligations.

The option will be open from January and those that take it up will also get a 0.5 percentage point cut in the interest rate on some of their loans, lowering monthly payments and potentially saving them hundreds of dollars in interest.

"College graduates are entering one of the toughest job markets in recent memory, and we have a way to help them save money by consolidating their debt and capping their loan payments," said Secretary of Education Arne Duncan.