The legislation Carney plans to introduce in the House of Representatives would have the U.S. Department of Education create a pilot program that would make Higher Education Savings Accounts for students who qualify for free or reduced-price lunch.
Those accounts would contain the maximum award from Pell Grants, the primary federal student aid for low-income students. At the moment, that amount is $5,775 per semester, though any increase in the grant would be matched in the accounts.
Students who perform well academically could be eligible for further contributions to the account.
Carney said he wanted to leave many of the details, like how many students would participate in the pilot, up to the department.
The system would help families plan for paying for college, Carney said, in the same way Social Security gives workers regular notice on how much they’ve accrued to help prepare for retirement.
“Too much talent is being wasted because low-income students don’t think they have the wherewithal to afford higher education,” he said.
To start off, John Carney will be Delaware’s next governor. The Delaware GOP has “nothing”. An early congratulation John.
I hope the U.S. Congress don’t buy into Carney college savings bullshit plan! What needs to be reformed is government backed college loans and perhaps higher $$ grants.
As far as the government’s current college loan program, it needs to change. Too many college graduates are deep in loan-debt and will be paying for 10-20 years. We need a payback system that for each year loans are paid on-time for the year, 1% drops off the interest rate and after 5 years of on-time payments, the college loan drops to zero % interest. And perhaps reward those who paid their loan payments on-time for 10 years with forgoing any outstanding loan principle.
One would think our children of poverty once graduated from college will be heading into careers lifting them out of poverty. Let’s stop the handouts and give a hand-up. Carney needs to encourage Delaware business to increase private college scholarships.
Folks keep in mind the buzz word, “education savings accounts”. Delaware is tracking towards school vouchers for k-12 education and that sweet news for the Delaware GOP.
I encourage John Carney to lay out his entire education plan for Delaware’s public schools. He once talked about decentralizing the Delaware Department of Education. John, did you forget? What about public school safety John ? Your only fear was, walking the halls of Saint Mark’s and running into principal Ron Russo. John was something else on the Saint Mark’s dance floor. You should have seen him strutting his stuff as the Selectrons spun their 45’s. And then there was trying to catch B-Mac on the track field 😉 But then again, football was John’s thing. Now the question is, do we give John Carney the Delaware education ball and cross our fingers he won’t pass it back to Rodel or private citizen education consultant Jack Markell? John sometimes the quarterback needs to run the ball into the end zone! But you know that ;).
John, there are many college graduates still looking for jobs in their fields who are strapped down with college loans. Many still live home with mom and dad. Markell rolled the dice on invisible cars and now Bloom both promising good paying jobs and he screw the taxpayers and those looking for good paying jobs.
John when you get settled into campaigning in Delaware how about you and I inviting Publius to a beer summit at the Bull’s Eye?