New rules for N.Y. college assistance
Ruthie Harper
Issue date: 1/23/09 Section: Opinion
The nation's current economic crisis has everyone, especially college students, biting their nails and becoming dizzy from the alarmingly high numbers of employees who are being laid off. Recently graduated friends are being laid off after less than a year at a new job. On top of all that, college students who are New York state residents may also feel a bit nauseated because of the executive budget proposed by Gov. David Paterson, that could potentially both help and hurt private and public college students.
For many students, the governor's proposals may seem confusing. Are they good or bad? Well, both. Two main parts would affect St. Bonaventure students, one being good and one not-so-good. First, the budget calls for cutting $47 million in Tuition Assistance Program (TAP) funds, according to a Jan. 19 Associated Press article on stargazette.com.
The governor's proposal slightly changes requirements, as students would be required to have a minimum 1.8 GPA, up from a 1.1 minimum. Students would also be required to take at least 15 credits during a school year rather than nine.
It's hard to face a cut in such an important funding program for New York college students. Personally, I received approximately $1,300 through TAP. If I lose this fund, it wouldn't kill my college career possibilities. It would be a bit of a pain, but my college career would continue. However, some students could be getting double that amount, which would put a much larger dent in their loan pocket.
To counterbalance this grant cut, the budget includes a new loan program, dubbed New York Higher Education Loan Program, or NYHelps. With this program, four-year undergraduate students would be able to take out loans for up to $10,000 per year at lower interest rates than most private banks offer. The interest rate is estimated to start out at approximately 8 percent, which is 10 percent lower than current rates for private loaners, according to a Dec. 16, 2008, press release from the governor's office.
Obviously, this is a great plan and could help in multiple ways. First, by easing the burden of repaying huge college loans and then by providing the state a creative and effective way to make money - from students' interest.
While this newly proposed budget offers plenty of cuts and is far from heavenly for the common people of the state of New York, it is a step in what is hopefully a good direction.
As employers avoid new hires and many government-funded programs are forced out because of fund elimination, college students have a cloudy view of the future. So, even if we can't get everything we want, it's good to know someone is thinking of higher education and doing what he can to make college a somewhat realistic opportunity for all New York residents.
For many students, the governor's proposals may seem confusing. Are they good or bad? Well, both. Two main parts would affect St. Bonaventure students, one being good and one not-so-good. First, the budget calls for cutting $47 million in Tuition Assistance Program (TAP) funds, according to a Jan. 19 Associated Press article on stargazette.com.
The governor's proposal slightly changes requirements, as students would be required to have a minimum 1.8 GPA, up from a 1.1 minimum. Students would also be required to take at least 15 credits during a school year rather than nine.
It's hard to face a cut in such an important funding program for New York college students. Personally, I received approximately $1,300 through TAP. If I lose this fund, it wouldn't kill my college career possibilities. It would be a bit of a pain, but my college career would continue. However, some students could be getting double that amount, which would put a much larger dent in their loan pocket.
To counterbalance this grant cut, the budget includes a new loan program, dubbed New York Higher Education Loan Program, or NYHelps. With this program, four-year undergraduate students would be able to take out loans for up to $10,000 per year at lower interest rates than most private banks offer. The interest rate is estimated to start out at approximately 8 percent, which is 10 percent lower than current rates for private loaners, according to a Dec. 16, 2008, press release from the governor's office.
Obviously, this is a great plan and could help in multiple ways. First, by easing the burden of repaying huge college loans and then by providing the state a creative and effective way to make money - from students' interest.
While this newly proposed budget offers plenty of cuts and is far from heavenly for the common people of the state of New York, it is a step in what is hopefully a good direction.
As employers avoid new hires and many government-funded programs are forced out because of fund elimination, college students have a cloudy view of the future. So, even if we can't get everything we want, it's good to know someone is thinking of higher education and doing what he can to make college a somewhat realistic opportunity for all New York residents.
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