“As everybody knows Election Day is next Tuesday and the big question on everybody’s mind is who’s going to win the title of President? The Presidency, however, is not the only major thing that will be determined. Many times local and state wide issues take a backseat to the presidential race, even though they have a direct effect on Ohio residents.””
As everybody knows Election Day is next Tuesday and the big question on everybody’s mind is who’s going to win the title of President? The Presidency, however, is not the only major thing that will be determined. Many times local and state wide issues take a backseat to the presidential race, even though they have a direct effect on Ohio residents.
One of the major issues that will be determined on Tuesday is the Akron Scholarship Plan, also known as issue 8. According to the city of Akron Web site the official plan of issue 8 is to allow Akron High School graduates to attend either the University of Akron or an approved trade school.
This plan will use the up-front proceeds from the lease of the Akron sanitary sewer system to endow a scholarship program, the Web site said.
The desire is to retain high school graduates in the city. It is hoped that they will not only live and work in the city but also help the economy.
To pay for this scholarship fund the city plans on leasing out its sewer system. The city would still own the sewer system and be in control of making sure they run properly and are environmentally safe. The city of Akron is looking to recieve over $200 million for leasing the sewer. These funds would only be used by the scholarship program.
The city describes the structure of the program in-depth by stating that the scholarship program will be available to Akron resident students who have attended approved Akron schools (Akron Public Schools and approved non-profit schools in Akron) and who are admitted as students to an accredited or approved college, university, trade or technical school.
They also state those that are attendants of a charter school are eligible as well.
Akron resident students who have been home-schooled within the city of Akron from first through eighth grade will also be eligible if they complete grades 9-12 in an approved Akron School, the Web site said.
These scholarships will be considered ‘last dollar’ meaning each student accepted into post-secondary education will need to complete a Federal and or State financial aid form (e.g. FAFSA) and submit it to the participating school of choice.
While no GPA minimum has been set students are still expected to maintain an academic requirement at their post-secondary school.
The students who take part in this program would then be required to pay back the scholarship if they do not work or live in the city of Akron.
Students who receive any scholarship funds under this program must pay the city’s income tax for 30 years. If a recipient lives or works in Akron for 30 years, the scholarship money will never need to be repaid. A recipient whose income tax is not withheld by their employer because he or she does not live or work in Akron must still file an Akron income tax return annually and pay the equivalent of the Akron income tax, as amended from time to time, the Web site said.
This payment assures that Akron residents who are investing in the students will receive a return on their investment. In most cases, the total payments spread over 30 years will be a better deal for the student than repaying a student loan over 10 years.
Overall this issue seems to have great potential to enrich the city of Akron and help build up this city. The mayor of Akron, Donald L. Plusquellic has openly supported this issue and has even posted a message on the city of Akron Web site encouraging voters to pass issue 8.