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Harvard and Yale announced they will be be providing financial aid to families who make under $180,000 per year in a move that sets a new standard for all private universities to include students of all economic backgrounds.
The move by private schools to assist through expanded scholarships and grants is in stark contrast to the often corrupt and exclusive “student loan” system that state schools use.
“Across the country, states provide state loans to students through non-profit corporations that are accountable to no one and increasingly corrupt.” Like the “Iowa Student Loan Liquidity Corp.” which is just one private loan offender that is under investigation by the attorney general.
Meanwhile, students attending the private University of Iowa graduate with an average of $20,234 in debt, well below the national average.
The most financially responsible part of Harvard’s “no loan” policy is how “a student from a household earning $120,000 to $180,000″ will pay 10 percent of their income per year. A student from a household earning $60,000 per year will pay nothing at all.”
Harvard’s $35 billion endowment sure helps them give away so many free rides and state’s can’t be expected to match this…or could they?
From The Huffingon Post:
“If the corrupt state lenders in Iowa, Missouri, Pennsylvania, and Florida - all under investigation - were eliminated, the government would be able to give deserving students free rides and private loan corporations would pick up the slack for those with incomes too high to qualify.”
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The statement: “Across the country, states provide state loans to students through non-profit corporations that are accountable to no one and increasingly corrupt.” Like the “Iowa Student Loan Liquidity Corp.” which is just one private loan offender that is under investigation by the attorney general.
is extremely mis-guided. “Private” student loans are subject to Federal banking regulations, just like any loan a person can borrow from any bank in the country. Saying that Iowa Student Loan is corrupt is an unfounded statment.
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