Clinton’s education plan aims to bring down burden on students
August 31, 2015
Democratic presidential candidate Hillary Clinton is aiming to bring down the burden of college costs and debt for students.
Her plan, titled “Hillary Clinton’s New College Compact” has two goals, according to her campaign: “Costs won’t be a barrier” and “Debt won’t hold you back.”
The plan has been endorsed by former Iowa Sen. Tom Harkin, who served 30 years in the U.S. Senate before retiring last year.
Here are some highlights of Clinton’s plan:
- Students will never have to borrow money for tuition, textbooks or fees. Families will still have to contribute to costs for students at public universities.
- Free tuition for students at community colleges.
- States will subsidize a larger portion of college education by maintaining current levels of funding and “reinvesting” over time.
- The federal government will “make a major new investment” in college education.
- Those who already owe debts from college will be able to refinance loans at current rates, which the campaign says will save the average person about $2,000.
- Significant cuts for interest rates in the future.
- Everyone will be able to enroll in an income-based repayment program that only allows them to pay a maximum of 10 percent of what they make.
The plan, Clinton’s campaign says, will cost $350 billion over the next 10 years and will be paid for by limiting some tax benefits on the wealthiest Americans.