So, the Education Department finally did something that doesn't make me want to scream into a pillow. They're axing the Grad PLUS program. About damn time. For years, that thing's been a black hole sucking in students, spitting them out with degrees that ain't worth the paper they're printed on, and debts that could choke a horse.
The Grad PLUS program let grad students borrow up to the freaking cost of attendance. Translation? Universities jacked up tuition, knowing the government would happily foot the bill. It was a scam, plain and simple, and we're all paying for it. Well, were all paying for it.
Now, they're capping graduate borrowing at $20,500 a year, $100,000 total. Professional students get a little more leeway, $50,000 annually and $200,000 overall. Under Secretary of Education Nicholas Kent is calling it "transformative," saying it'll hold universities accountable and put downward pressure on tuition. Sure, buddy. I'll believe it when I see it. Politicians always have to spin it, offcourse. According to the US Education Department finalizes major student loan reforms, capping graduate borrowing and simplifying repayment, these changes aim to overhaul the federal student loan system.
But let's be real: will this actually change anything? Or will universities just find new and creative ways to bleed students dry? Maybe they'll start charging "mandatory activity fees" that cover the difference. Or "specialized equipment surcharges." You know, the kind of crap they already pull.
And what about the students who are already drowning in debt? This doesn't exactly throw them a life raft. They're still stuck with the mess that Grad PLUS created. This is like closing the barn door after the horses have bolted – a little late, don't you think?
The Department says the RISE Committee spent months "deliberating" on these changes. Deliberating? It sounds more like they were stuck in bureaucratic quicksand. They reviewed 17 regulatory provisions and refined their proposals in "over a dozen areas." Translation: they spent months arguing over commas and semicolons while students were getting screwed.
And don't even get me started on the "public engagement" aspect. They held a virtual public hearing on August 7th. A virtual hearing. Seriously? How many people actually participated in that? Probably just a bunch of lobbyists and university administrators patting themselves on the back.
I bet that "RAP" is just another way to say "screwed."
Look, I'm not saying these reforms are all bad. Capping borrowing is a step in the right direction. Streamlining repayment plans is a good idea. Holding universities accountable for outcomes... well, that's a laugh. But at least they're saying the right things.
But here's the thing: this whole mess was created by decades of government meddling in the first place. They created the problem, then they patted themselves on the back for "solving" it. It's like setting your house on fire and then getting a medal for putting it out.
