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We are approximately 508 days away from the next Presidential Election, but that doesn’t mean presidential hopefuls on both sides of the aisles haven’t already been vocal about on one pretty important topic to college students: student loan debt.
Earlier this month, Former Secretary of State, Hillary Clinton, kicked off her campaign with a speech that hinted at her plans for student loan debt. She spoke to her audience about making college more affordable, the burden of student loan debt lighter and having higher education become affordable to all.
According to Investopedia, Clinton introduced the Student Borrower Bill of Rights Act while she was a Senator in 2007, which would have limited payments based on income, discharged student loans in bankruptcy and easier loan consolidations. Additionally, she supported the College Cost Reduction and Access Act, which helped to reduce interest rates on federal loans and increase Pell Grant funding.
Jeb Bush, who announced his candidacy on June 15, has a different approach to alleviating student loan debt. He wants to end student loan debt before it even begins by providing less expensive higher education options. Bush would rather see students use for-profit and online schools, i.e. more affordable options, in order to save on college costs, thereby eliminating huge sums of student loan debt.
Another Democratic hopeful, Martin O’Malley, hopes to combine both plans – to help alleviate student loan debt by providing more affordable options as well as better plans to repay debt. O’Malley has the resume to prove it too. As governor of Maryland, he implemented a four-year tuition freeze that held tuition increases at 3%. He also supported President Obama’s 2010 Income Based Repayment Act. As stated by Investopedia, O’Malley also hopes to help families tackle student loan debt by taking into account family size and income.
Senator Bernie Sanders, another Democrat in the running, actually proposed legislation in May to eliminate tuition at four-year public colleges and universities, as reported by MarketWatch. Sanders hopes that the federal government would pay for two-thirds of the cost, funded by a tax imposed on investment houses, hedge funds and others, while states would pay the rest.
Though we are just in the initial stages of the race for President in 2016, it’s encouraging to see so many candidates kicking off their campaigns with plans to help graduates with their student loan burdens. As you follow the Presidential Election, what do you hope to see from candidates in terms of their promises to make college more affordable and alleviate the issue of student loan debt?
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