The Prosper Act- New Funding Plan for College

12/13/2017

Please visit the website and answer the questions below to earn extra credit.
http://money.cnn.com/2017/12/12/pf/college/higher-education-house-bill/index.html

1) Describe how this plan can improve completing a FAFSA form.

2) What are the limitations or negative changes students could face with this plan?

3) Do you support or oppose the Prosper Act? Please explain your answer using information from the article to support your views.

19 Comments

Haylee Gibbs link

12/14/2017 09:22:15 pm

1) Describe how this plan can improve completing a FAFSA form.
This plan can improve the way people can complete a FAFSA form. It would improve by making it available on a mobile app which would make it easier for some people to access it.

2) What are the limitations or negative changes students could face with this plan?
One negative change students would face is that their loans would be unsubsidized loans which basically means that students would start paying that loan off immediately not when they finish college.

3) Do you support or oppose the Prosper Act? Please explain your answer using information from the article to support your views.

I oppose that Prosper act for a few reasons. One reason is that there would be smaller limits on borrowing money. Right now parents and students can take as much as they need to get by at life but if this Prosper act went into play parents could only borrow a cap of $12,500 annually and students could only borrow at a capped loan of $28,000 annually. I also oppose the Prosper act for the reason of having unsubsidized loans instead of the loans that we have now.

Mason Dunn

12/14/2017 10:33:45 pm

1) Describe how this plan can improve completing a FAFSA form- This plan can help improve completing a FAFSA form in a few ways. The plan would allow a more simplified version of the FAFSA for lower and middle income families. Also, the FAFSA will be available on a mobile app. These two factors help simplify and improve completing a FAFSA form.

2) What are the limitations or negative changes students could face with this plan? - The Prosper act plan does have some limitations/negative changes that students could take. One of these limitations is capping the borrowing money. The plan caps how much graduate students can borrow at $28,500 annually, which could possibly limit what classes the student can take, or what they can or cannot pay off that year. Students might also feel a negative change from unsubsidized loans. This would negatively impact borrowers because instead of worrying about accruing interest when they graduate, they would start accruing interest as soon as their funds are distributed.

3) Do you support or oppose the Prosper Act? Please explain your answer using information from the article to support your views. Although I see many positive attributes in the Prosper Act, there are also big negative attributes that lead me into opposing the act. Having to start accruing interest as soon as funds are distributed, instead of accruing interest after graduation, can be very challenging for a college student to deal with especially when tied in with the fact that they and their parents can only take out so much money to borrow. Democrat Representative Bobby Scott even says provisions in the bill would make college more expensive for students.

Becca Houlihan

12/15/2017 09:48:24 am

1) Describe how this plan can improve completing a FAFSA form.

It would make FAFSA available on a mobile app so it’s more easily accessible. The plan also allows more low and middle income families to submit a simplified version of the FAFSA so the opportunity is available to more people.

2) What are the limitations or negative changes students could face with this plan?

This plan could result in college becoming more expensive. Students will begin to accumulate interest as soon as the funds are distributed to them instead of interest beginning after they graduate. The plan also gets rid of the number of payment options made for borrowers from 8 options to a measly two. And even though the new income plan extends the time a borrower has to pay the money back, it would charge them ten years interest.
3) Do you support or oppose the Prosper Act? Please explain your answer using information from the article to support your views.

The downfalls to this plan outweigh the benefits it seems. It will hurt students financially, and for longer. I doesn't make college more accessible if they lower the amount able to be borrowed by students at $28,500 annually when before they could borrow as much as the cost to attend. This part of the plan is flawed in that costs for colleges largely vary by school. Adn having a set number students can borrow will only cover students whose cost of college is near the set price range.

Miranda Wagner

12/15/2017 11:09:34 am

1) The bill would make the Free Application for Federal Student Aid available on a mobile app. It would also allow more low- and middle-income families to submit a simplified version of the FAFSA.
2) It seems as though this plan would make college more expensive and a bit harder to pay off. Graduate students can borrow at $28,500 annually and the amount parents can borrow on behalf of their child at $12,500 annually. Currently, graduate students and parents can borrow as much as the cost of attendance. That would make it much more stressful on the student and family as to how they would pay off college.It would also end subsidized student loans which is where the U.S Department of Education pays for your interest in college.
3) Whereas many good things could come from this is seems that there are more bad. In the long run it would take longer to pay off student loans, and you wouldn't be able to take out the loan you really need.

Lauren Osterberg link

12/15/2017 11:12:40 am

1:Describe how the plan can improve completing a FAFSA form.
If this bill were to be passed FAFSA would become more accessible to many families out there since they would introduce it in app form. As well as making it in app form they would also accept much simpler forms from lower and middle income families.

2:What are the limitations or negative changes students could face with this plan?
Unfortunately with this bill if you need to take loans out to pay for your schooling you are only able to take out subsidized loans which means unlike some loans where the loans start getting increase only after you graduate from your schooling. These types of loans start getting interest as soon as you take the loans out. The bill also reduces the number of repayment options for students. Right now there are a total of 8 different repayment options but if this bill was to take action that number would be reduced down to only 2 options.

3:Do you support or oppose the Prosper Act? Please explain your answer using information from the article to support your views.
The Prosper Act has many positive impacts but it also seems to have many negative impacts as well. With that being said I oppose the Prosper Act since it seems that the positive impacts where tiny compared to the negative impacts that were mentioned in the article.I personally think that college is already way to expensive and the downfalls in the Act make it sound that if this bill were to be passed it would only increase the cost. Which is something that no one wants.

Aubrey Alvarez link

12/15/2017 11:13:57 am

1. Describe how this plan can help improve completing a FASFA form?
According to the article the form would now be a mobile app which would make it a lot easier on people to access and they could fill out the form where ever they are.
2.What are limitations or negative changes students could face with this plan?
One negative change that students could face is unsubsidized loans which causes their interest to start as soon as the funds do. The limitations they could be faced with are an increasing amount of money they are allowed to take out of a loan. But they will have a smaller limit to how much they can borrow a year.
3.Do you support or oppose the Prosper Act?
I think the Prosper Act is not a good but not a bad idea because it seems like it helping more students receive an education because they are making FASFA more easily accessed. Then again is seems like it is causing some complications for people as well because they are reducing the amount of payment plans as well has reduce the amount of money students can take out in a year. I think that the Prosper Act has its good and bad attributes and i feel like I am neutral on the subject.

Jenna Shattuck

12/17/2017 01:42:20 pm

1. Describe how this plan can improve completing a FAFSA form.
- The Prospect Act can improve completing a FAFSA form in a few ways. For example it would make the FAFSA available on a mobile app. This would allow a simplified version of the application to low and middle income families.

2. What are the limitations or negative changes students could face with this plan?
- The Prosper Act will in all make college more expensive for students. This plan could end subsidized loans and receive un-subsidized loans instead, forcing students to pay interest as soon as the money is distributed, instead of when the student graduates. It also limits the number of payment options to just a 10- year plan and an income based plan.

3. Do you support or oppose the Prosper Act ?
- Although the Prosper Act has some positive ideas, like the amount of money students can take out, I think the negative out weighs the positive. All in all college is already very expensive and it seems as if the act will not help the cost, but make it worse, so I oppose the act.

Dylan Stout

12/18/2017 10:45:45 am

1) Describe how this plan can improve completing a FAFSA form.
The plan will give FAFSA a mobile app for people to use and make a simplified version for middle and lower class families to use.

2) What are the limitations or negative changes students could face with this plan?
The plan will decrease the amount parents can pay to help with students and end a program that helps public service workers. It also changes loans to gaining interest once they are given instead of after you graduate.

3) Do you support or oppose the Prosper Act? Please explain your answer using information from the article to support your views.
I oppose the Prosper Act because it seems to have more drawbacks for potential college students seeking financial aid than actually helping them.

Matthew McGovern

12/18/2017 10:52:37 am

1)Describe how this plan can improve completing a FAFSA form.
This plan will make filling out a FAFSA form much easier. They plan on making a mobile app that has a simplified version of the form on it. This will make the form more easily available.
2)What are the limitations or negative changes students could face with this plan?
There are many positives with this act but there are also some negatives. One negative is that this plan will put a max amount on the money that one student can borrow in a year. Another negative is that this act will make college more expensive. College is already very expensive it doesn't need to get even more costly. This plan will also possibly end subsidized loans which will make students pay while they are still in college.
3)Do you support or oppose the Prosper Act ?
I am against this act. I really don't see any benefits with making college even more expensive than it already is. That is why I am against the prosper act.

Morgan Chafin

12/18/2017 11:05:02 am

1) Describe how this plan can improve completing a FAFSA form.
An app will be available which will increase accessibility to completing a FAFSA form. Another, simpler, version of the form can be an option for low and middle-income families.

2) What are the limitations or negative changes students could face with this plan?
There are many cons students will face with this plan. Less loan amounts given and paying it back with interest as soon as the loan goes through is going to be a paid that students will have to endure while getting their education. Limitations to the amount of collective loans one can take out a year is also going to be a set amount. This may not be ideal for newly working students or with unsteady jobs, especially when parents would only be limited to what loans they can take out for their child.

3) Do you support or oppose the Prosper Act? Please explain your answer using information from the article to support your views.
I do not support this plan. I do believe that the college school system is broken and needs work. Although the way this is attacking the problem is attacking students. I agree with Scott when he says in the article, "The bill assumes the problem with college affordability is that we're giving students too many resources to get an education or obtain skills they need to get a job." This is where my problem lies with the plan.

nicholas smitko link

12/18/2017 11:07:46 am

1) Describe how this plan can improve completing a FAFSA form.
-it would make the FASFA form more portable and easier to use due to the app they plan to create.

2) What are the limitations or negative changes students could face with this plan?
-the act will restrict the amount a student can have money for their loans, it will also make collage more pricey when collage is already expensive enough.

3) Do you support or oppose the Prosper Act? Please explain your answer using information from the article to support your views.
-Personally feel that the plan would be useful in the fact that it'll allow those who are trying to complete collage on time to have an extra 2,000 dollars to pull out for the loans next year but i think that if the plan doesn't pass collage won't be as expensive so the loans won't be as needed.

Shannon Osadjan

12/19/2017 12:39:58 am

1) This plan can improve completing a FAFSA form by making it available on a mobile app, and by allowing more low and middle income families to be able to submit a simplified form of it.

2) With this plan students can face some negative changes/limitations. Such as decreasing the max amount a grad student and parent can take out, in loans, per year. Another negative change is that loans would change so instead of accumulating interest once they graduate, the loans would begin to accumulate as soon as they are distributed. On top of that, the plan will make college become more expensive, as if it isn't already a lot to pay for.

3) I oppose the act. I think that yes there are some benefits to it but in the long run it hurts more students than it would help others. I do think that a lot of the college system is already a bit extreme so adding these limitations/extra costs to it will make more people not able to go or just find no beneficial reasoning to go. Which in the long run would also hurt the colleges.

Nolan Zajac

12/19/2017 09:22:55 am

1. The plan to be able to complete an FAFSA form will make it simpler for middle to lower income families because the form will be introduced as an app, making it easier to complete.
2.The bill would increase the amount of money undergraduate students are allowed to take out in federal student loans by $2,000 a year. But it caps how much graduate students can borrow at $28,500 annually and the amount parents can borrow on behalf of their child at $12,500 annually. Currently, graduate students and parents can borrow as much as the cost of attendance.
3.I Oppose the act because its seeming to set back the students rather than help them get through college. We dont need college to become more expensive than it already is.

Ava Parris

12/19/2017 09:24:14 am

1. This plan can improve completing a FAFSA form because it would be available on a mobile app. It also allows for more low and middle income families to complete the form in an easier version.

2. Limitations or negative changes students could face with this plan is that they are ending subsidized student loans.There's a cap on how much grad students can borrow a year and how much parents are allowed to borrow for the price of their kids attending. The bill makes college more expensive and they think the problem is giving out too many resources for education.

3. I do not agree the new bill. I think that changing it after how long it's been in place isn't going to go smoothly or help that much. It's gonna have a huge backlash if anything. They think that there's too much funding going into school to help students. It sounds like all they wanna do is take away the chances of more students going to college to get a good education. Maybe it's because we're in debt but education shouldn't be the first option to get out of it. The bill makes it harder for students to get student loans. There are a lot of students who are smart and have potential but won't know if their chances are a lot more slim now for college. The new system seems more strict where you have to have these traits to qualify. Its so strict that not many people benefit because they don't accommodate others.

Andrea Fernandez

12/19/2017 09:38:56 am

1. This plan can improve FASFA form because the application is going to be on an app.
2.Limitations and negative changes can occur because the bill would increase the amount of money. College is expensive now imagine having to pay more with a limited amount of loans.
3.I oppose the act because its not helping the students get through college and have a better education.

Blake Crosbie

12/19/2017 11:02:50 am

1 this plan can improve the ammount of kids that go to colledge and lower the percentage of kids that dont have good jobs and kids that dont have diplomas. 2 the kids would have a larger debt to pay if they take advantage of this plan. 3. kinda cause ill be going to college soon and i know that im gonna have alot to pay for so ill be in dept but if this plan works then i wont be in to much debt so ill be able to pay off the charges

Karyssa Endecott link

1/29/2018 01:07:42 pm

1) Describe how this plan can improve completing a FAFSA form.
This plan will improve the completing process of the FAFSA form by creating an app. The app will simplify the process and make it more accessible to everyone.

2) What are the limitations or negative changes students could face with this plan?
The limitations of this plan facing students are plenty. These include the end of subsidized loans for students, capping on the amount of money both parents and grads can borrow a year. The bill is assumed to make college more expensive which limits certain incomes to the education.

3) Do you support or oppose the Prosper Act? Please explain your answer using information from the article to support your views.
I do not support the Prosper Act, although I am sure I am not aware of everything the bill entails from what I do know I see many flaws. As of what I have seen the bill will increase expense and make it more difficult to acquire loans for college. I do however understand from an economical standpoint that this bill could help with the extreme debt at which students are falling under. Yet, I still believe there is a better solution to this issue.

Kaitlin Udelhofen

2/25/2018 07:52:22 pm

1) Describe how this plan can improve completing a FAFSA form.
This plan would make it available on a mobile app. Betsy DeVos wanted this last month. This would also allow more middle and lowerclass families to a simpler version of the form.
2) What are the limitations or negative changes students could face with this plan?
Students will have a limit on how much loans they can take out. Right now there is no limit, but with this act the limit would be 2000 dollars a year.
3) Do you support or oppose the Prosper Act? Please explain your answer using information from the article to support your views.
No, because I do not believe it is the best option. It will make it harder for student loans- which most people will rely on these days. Not everyone can pay out of pocket for their college so loans are important.

Ruby link

5/4/2018 10:11:24 am

1) Describe how this plan can improve completing a FAFSA form.
This plan can improve completing a FAFSA form much easier for middle and lower income families by going on the mobile app also making it easier to access.
2) What are the limitations or negative changes students could face with this plan?
There are numerous of problematic issues that can be endured with this plan. Right now there is no limit on how much you can take out of student loans. If the plan is executed a student can only take about 2000 dollars a year. It would also increase bills.
3) Do you support or oppose the Prosper Act? Please explain your answer using information from the article to support your views. I don't believe that this plan is a very beneficial because student loans will be much harder to take out and many rely on services such as these to get by. Everyone is trying to better themselves by getting a higher education yet its difficult when a higher power is trying to change the rules.

The Prosper Act- New Funding Plan for College

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