Barrack Obama and his opponent Mitt Romney did not have college financing in their manifesto. Mark Huelsman said that Hillary Clinton and Senator Bernie Sanders together with their supporters will have to come up with the best option for college financing.
Leaders have to decide on the best policy, whether to provide debt-free college for all students or to assist needy students. Among those supporting tuition-free colleges argue that it will help the needy students. They are against giving financial relief to students from wealthy families who may have political might to push for free education to all.
Huelsman adds that Democratic politicians have different stands. It is an indication that the idea is normalized and that various proposals about student financing are likely to arise. It is only Senator Amy Klobuchar who is pushing for affordable education instead of free college.
In the past, presidential candidates focused on creating plans for repaying loans at low interest rates. The move has received praise and criticism arguing that it will only benefit students with huge debts. Huelsman adds that cancelling some debts will help the economy. Students will have enough money to buy cars and homes.
The following are the different stands that candidates have about college affordability and student financing.
Senator Bernie Sanders
Sanders supports free college tuition. He proposes that the Federal government fund two-thirds of college education and the state government fund the rest. Imposing a tax on investment houses and transactions in trades of stock bonds and derivatives will help to finance the program. After Hillary Clinton won Democratic nomination, Sanders supported her proposal of providing free tuition for the middle class. In 2017, he introduced an Act to make college tuition free for students from families earning $125,000 and below.
Senator Elizabeth Warren
She has in the past monitored student loans and investigated practices for companies and agencies. In 2014, she introduced a bill to help students refinance their debts at low interest rates. She proposed that accumulating tax from wealthy people and using the proceeds to pay student loans would be the source of finance for her proposal. She supports Sanders’ bill and is co-sponsoring a bill introduced by Senator Brian Schatz.
Senator Kamala Harris
Harris is a supporter of Schatz’s bill and also supports Sanders’ bill. She said that she will be against for-profit colleges and would uncover fraud in Corinthian Colleges, among the greatest for-profit colleges. These colleges are known to lure students with misleading job placements and financial aids but providing very little.
She too is a co-sponsor of Schatz’s debt-free tuition college and also supports Sanders’ bill. Her actions indicate that she will support free college as a president. In a tweet, she said as a president she will allow borrowers to repay their loans at an interest of 4 percent.
He has co-sponsored Schatz’s tuition-free college bill indicating that he will support free college tuition. He introduced a bill last year whereby every U.S born baby will get $1000 and an additional deposit of $2000 every year for needy children and the amount will earn an interest of 3 percent. Tuition fee can then be paid using the money when the child attains the age of 18.
Amy Klobuchar states that she does not support free four-year college but she agrees to some policies for easing the college tuition. She recommends increasing Pell grants for low-income students, making two years of college free and making it easy for borrowers to manage student loans. She also supports programs that can train students to fit in job markets.
He supports student borrowers to be allowed to finance their loans at low interest rates. He proposes that graduates who worked in community service to have their loans cancelled. He also supports free community colleges.
Rep. Tulsi Gabbard
He supports free college tuition through the Sanders’ College for All Act. He introduced legislation aimed at helping veterans to pay for their education.
Castro will make the first two years of a college education affordable. He said that the country needs to push for tuition-free education both in colleges, universities and in certificate programs.
He says that he fully supports affordable college because the country was already facing many issues like climate change and national debt.
Andrew Yang, an entrepreneur, stated that if elected, he will reduce the principal amount of loan for recent graduates. The government will then take up the remaining student’s loan. He will reduce the cost of college and also increase loan forgiveness to graduates working in community service.
Messam states that if elected as the president, he will call for debt forgiveness. He borrows his sentiments from research by economists that shows debt forgiveness will help the economy because borrowers will have money to buy houses and cars hence improving the economy.
Bloomberg says that free college tuition is impractical since professors will need salaries. However, he will make it more affordable to low-income earners by giving them financial aid.
Howard Schultz states that he supports a reduction in the cost of education. While he was the chief executive of Starbucks, he paid partial college fees for his employees and others; he paid the full amount.