MINNEAPOLIS, Oct. 26, 2011 /PRNewswire-USNewswire/ -- "We want to commend President Obama for offering a plan to ease the student loan burden on college students. Not only will his proposal decrease the default rate on student loans but it also has the potential to put money in the hands of students, enabling them to invest in the economy by purchasing homes, cars and other consumer goods.
"With student loan debt now exceeding $1 trillion, the financial cost of a higher education has caused the U.S. to drop from first in the world to 12th in the percentage of adults with college degrees. Forecasts show that by 2018, 63 percent of all jobs will require at least some postsecondary education and without significant change, the U.S. will fall short by 3 million workers.
"The solution to the student debt issue requires a multi-pronged approach that includes changes in public policy as well as an increase in the number of private sector renewable scholarships that are available to students, which provide financial resources throughout their quest for a college degree, not just for one year. In addition, we need to focus on the importance of graduating college with a manageable level of debt – a task that is becoming increasingly difficult as costs continue to rise.
Students need to be aggressive when looking for scholarship dollars and apply for funds throughout college, not just their initial year. These combined efforts can reduce the overall debt burden and enable more students to graduate with a college degree, enhancing their future and the future vitality of the country."
ABOUT SCHOLARSHIP AMERICA®
Scholarship America is a national education service organization that mobilizes support for students getting into and graduating from college. Scholarship America has distributed more than $2.5 billion in scholarship assistance to more than 1.8 million students over the last 50 years. Scholarship America's programs, which include Dollars for Scholars®, help fund both entry-level and multi-year scholarships, as well as emergency financial grants. More information is available at www.scholarshipamerica.org.
SOURCE Scholarship America