Bernie Sanders of Vermont – have already made college affordability plans a cornerstone of their campaigns.
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To a degree, Clinton is backing this very vision, which addresses the growing student-loan debt load among millions of millennials, with a detailed proposal. “That is a betrayal of everything college is supposed to represent”, Hillary said.
Republican presidential candidates criticized the costs of Clinton’s proposal on Monday morning. It also ramps up the level of scrutiny and accountability required of colleges and universities, which have largely skirted responsibility for the student loan excess.
Dean of the School of Business and Economics at Lynchburg College, Joe Turek says while the plans would give more access to public schools, there would be several consequences to consider.
Dubbed the New College Compact, the plan seeks to reduce the cost of four-year public colleges to such an extent that a loan would be unnecessary, and to make two-year community colleges tuition-free, Xinhua reported.
For numerous students it would translate to tuition that is debt free but would depend upon the individual student’s circumstances and what institution they were attended, said one advisor who helped Clinton with the plan. But it will also appeal to low-income voters with little chance of sending their kids to college.
Clintons campaign estimated the plan would cost roughly $350 billion over a decade, which she proposes to pay for by closing some tax loopholes used by the nations wealthiest. That includes cutting back on the number of itemized dedications for high earners, something Congress would have to approve. Then, former Florida Gov. Jeb Bush, a Republican presidential hopeful, took a swing at her message using the same forum. Those states that will allow more budget for higher education would be entitled to federal grants to minimize the difference between what families can truly afford and those who can pay full tuition, according to the Los Angeles Times. In this case, Clinton says it will come from effectively raising taxes on the rich, but that can only go so far.
Private universities with “modest endowments” that serve a higher percentage of low-income students, including historically black colleges, would also receive federal funds to help lower the costs of attendance and improve graduation rates.
College affordability is a hot topic on the Democratic side of the 2016 presidential race.
“Everyone will be able to enroll in a simplified and streamlined income based repayment program so that borrowers never have to pay more than 10% of what they make”, according to a white paper on Clinton’s plan. Clinton will lay out the themes of her economic plan in a speech Monday in New York.
“Debt-free college is an issue where Governor O’Malley has led, not followed”, said Lis Smith, O’Malley’s top strategist.
Clinton’s plan, while stopping short of pushing for an end to tuition debt completely, comes amid similar calls from rivals Sen.
Clinton’s plan to rein in higher-ed costs doesn’t go quite as far as Sanders’.
New Hampshire has the highest student debt rate in the country and the issue has become a major point of debate on the campaign trail in the Granite State and elsewhere.
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‘For many students, it would translate into debt-free tuition, ‘ said Carmel Martin, executive vice president for policy at the Center for American Progress, who advised Clinton on that plan.
