It is a part of the five year plan to cut $39.7 billion in total from the $71.5 billion student-aid programs.
The first impact of the bill being applicable from 1st July, a student borrowing loan after 1st July will be offered rates of 6.8 percent compared to 1.5-2.5 percent rates they enjoyed and have raised questions among the students such as, " Who is responsible" , "How I am going to pay these loans", "Why me" etc.
Teneya Morman a junior majoring in MARKETING from N. C. Central when interview said, "I'm a junior in school but after my senior year my education will be more expensive because of the changes in the financial arena. I may not be able to attend. This change will be negative because it will make students not focus on their grades but on money that has to be paid back for my education. It will have a negative affect on the black community because we are the people who don't have the funds to pay."
Another graduate student in Computer Information Systems Donnell Williams says, "Graduate school is a sacrifice for many students. They have to be willing to either foot the bill or work hard to secure financial resources. In other words, it is really unfortunate as graduate school becomes more of a gateway to satisfiable employment and career options, now this is another obstacle."