U of M Could Waive Tuition for Some Families
It's been a hard year for most of us... 2020 will probably go down in history as one of the most economically difficult years. There has been a lot of talk about waiving student loan debt. The talk on this one was for EVERYONE who has student loan debt. I do feel like this should be on a case by case basis... depending on income. I had student loans, had to defer several times because of income inconsistencies. But I do think that a discussion on the interest rate could be something that could be rectified. Years ago the interest rates were so low. Now it's almost like a credit card. That part is out of line.
Now, the University of Minnesota is taking things possibly to the next level. They are looking at waiving tuition for families who make $50,000 or less per year in household income. That way, people who are less fortunate could still go to college without racking up a ton of debt, as they would have no other means to pay for college, and still get an education and hopefully a great job afterwards.
The program would not cover the cost of boarding, supplies or student fees; it would apply only to in-state tuition, which is currently about $13,000 per year at the University's Twin Cities campus. Including student fees, that number goes up to about $15,000.
There are a few programs that people who are in that income bracket can qualify for, but it usually doesn't cover all of the tuition. This program, if approved, would cover the tuition for a year, and could be applied for each year.
There is also another program that President-elect Biden is proposing that would cover tuition at a public college for families with income up to $125,000. If this would be approved, that would cover all of the fees mentioned above that wouldn't be covered under the current proposal.
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