Student Debt: Who should you loan your support to for President? - The Herald: News

Student Debt: Who should you loan your support to for President?

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Posted: Wednesday, September 28, 2016 7:45 am

For a vast majority of college students, the biggest topic on our minds other than next week’s exam or tonight’s big party is, of course, the student loan debt that we will be expected to begin paying back shortly upon graduation. The government has a powerful role in affecting our futures as borrowers, so it’s important to take a glance into what each Presidential candidate could possibly do to assist those who may be in student loan debt.

Democratic nominee Hillary Clinton believes that the government should not apply interest rates to student loans. Clinton also plans to offer free tuition for students involved in national service and for students attending community colleges. According to Clinton, this would all be paid for by removing certain tax cuts for the wealthy and distributing those funds. In addition, she has also expressed plans to divide at least $25 billion dollars among HBCUs and other minority-focused institutions across the nation. It has not been determined where these funds will come from, but it’s pretty safe to assume that it would be from taxpayers’ dollars. As far as her long term goals, Hillary would eventually like for in-state public colleges and universities to be tuition free for students with household incomes of less than $125,000 per year. Clinton herself attended Wesley college where she earned her bachelor’s degree before advancing to Yale in 1969 where she received her Juris Doctorate.   

Much like his opponent, Republican nominee Donald Trump also thinks that the government should not profit from student loans. He has a rather unique idea on how to largely eliminate government involvement from the student loan industry all together. Trump would instead like to hand it back over to the private sector. This would allow students to be granted loans based upon their ability to pay the loans back. For example; If a student has graduated with a 1.9 GPA and desires a degree in journalism which has an extremely low employment rate, then that student would be less likely to receive a loan due to the unlikelihood of them being able to pay it back and their poor academic performance. This solution, of course, would cost taxpayers nothing, but it  does raise concerns about federal student grants and how they would be distributed by the government if they were to end their involvement. Trump is a graduate of Wharton School of the University of Pennsylvania, he completed his degree in 1968 as a bachelor of Economics with presumably no debt considering that he came from an extremely wealthy family.  

Though each candidate has their own views, they both happen to be quite unique and thought provoking. When choosing the next president, it’s important to keep in mind how their specific policies will affect the economy, taxpayers and the educational system. Education can be costly and, at times, stressful but always remember that major political issues like these can have a large effect on your future success.  

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