According to latest studies, America’s student loan debt has tripled over the past decade to $1.2 trillion.
This is a millstone not only around students’ necks, but also a dark cloud over the country’s economy.
Democratic presidential contender Hillary Clinton is planning to make sweeping changes to this status quo should she become President next year.
In a new proposal to treat with this massive debt, Clinton has promised to provide millions with financial opportunities for college and reduce interest rates for those shouldering high-interest payments.
“No family and no student should have to borrow to pay tuition at a public college or university,” Clinton said at one of her recent campaign outings.
“And everyone who has student debt should be able to finance it at lower rates,” she added.
Clinton’s proposed plan would not only be a game changer for those with vested interest in education but all Americans.
The proposal, called the New College Compact, will not only build on ideas currently on the table in Congress but also follows groundwork already laid out by the Obama administration.
The plan would cost tax payers $350 billion over 10 years. Clinton promised to offset this cost by capping the value of itemized deductions that wealthy Americans can take on their tax returns.
This new thrust will include refinancing options for students who are already sinking deeply in debt. And although families would still be required to contribute funds, the bottom line is students would not have to take out loans to attend public schools.
“We need to make a quality education affordable and available to everyone willing to work for it without saddling them with decades of debt,” Clinton posited.
She added, “I want every parent to know that his or her child can get a degree or you can get one yourself.”
Davy Desmond, Readers Bureau, Fellow
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