In the midst of campaign season, we’re all more than eager to hear what each candidate has to offer. And as collegiettes, what’s more relevant to our generation than proposals concerning our greatest foe, college debt?
Apparently, Hillary Clinton is working to integrate a college financing plan into the forefront of her campaign. But what exactly is Clinton proposing, and who is it targeted toward?
We’re here to answer all of your burning questions with a run-down on everything you need to know, from the basics to the financial impact such a proposal would have on both us and the government at-large. Because if there’s one thing we’re sure of, it’s that student loans are a serious matter.
What is Hillary’s plan, anyway?
The New College Compact aims to eliminate the burden of loans from a public university education. In short, the financial situation of each student attending an in-state public university would be analyzed to determine a personalized, affordable tuition cost that prevents the need to take out loans.
Further, the plan would accommodate recent grads by permitting a refinancing of existing loans, with the intention of reducing interest rates. And, according to Cosmopolitan.com, refinanced monthly loan payments would be capped at 10 percent of an individual’s income. Even better, if loan debt still exists past a 20-year mark, the remainder of the loan would be pardoned.
How will this affect us?
Clinton’s goal is to make an in-state, public university education accessible to everyone. Students attending state school would be granted a debt-free education by means of a more reasonable tuition cost. The only condition? According to NPR, the students would be required to provide a monetary contribution by filling financial aid employment requirements—sounds reasonable to us.
Clinton’s proposal would also hold special weight for particular segments of the broader college landscape. In line with President Obama’s own proposal, Clinton’s plan would make two-year community college completely free. According to Hillary’s campaign, historically Black Colleges and Universities and Hispanic-Serving Institutions would gain special attention, students doubling as parents would be given extra support and veterans would have access to an improved and strengthened G.I. Bill.
What are the national financial implications?
Unsurprisingly, implementation of such a program would add hefty expenses to our nation’s financial load. Clinton’s solution? To minimize tax reductions for wealthy Americans.
Additionally, participating institutions would be monitored closely to ensure that all funds supporting the program would be used for academic purposes only. They’d also be encouraged to develop innovative money-saving solutions to reduce campus costs altogether.
So what are competitors saying?
As with any political campaign, there is firm opposition to Hillary’s proposal, and leading the ranks is Republican candidate Jeb Bush. Indulge in the following (hilariously childish) Twitter brawl between Clinton and Bush to gage the opposition’s main points.
@HillaryClinton pic.twitter.com/m6LAHYCLok
— Jeb Bush (@JebBush) August 10, 2015
.@JebBush Fixed it for you. pic.twitter.com/d4q9EWpXCA
— Hillary Clinton (@HillaryClinton) August 10, 2015
.@HillaryClinton fixed your logo for you. pic.twitter.com/141nXHQe4Z
— Jeb Bush (@JebBush) August 11, 2015
Good to know that our candidates are fully immersed in the latest Twitter trends—Twitter shade, we’re looking at you.
While the proposal may be imperfect (some argue that feasibility is low, and students attending private institutions would remain subject to loans) we can’t help but appreciate the effort being taken to address our needs as collegiettes. We’re thoroughly interested to see the direction that this plan takes, and hopefully, we’ll soon see a future free of college debt.