With college students graduating with skyrocketing loan debts, Democratic presidential candidate Martin O'Malley announced his plan to provide relief for American students.

O'Malley, former governor of Maryland, stated U.S. families are burdened with the $1.3 trillion in outstanding student loan debt, and proposed a national goal for all students to have access to debt-free college education at any in-state public college or university.

According to the O'Malley campaign, approximately 70 percent of U.S. graduating college students have averaged more than $28,000 in loans and should have the right to refinance their loans just as homeowners and businesses.

O'Malley's plan includes students and parents with loan debts the opportunity to refinance at lower rates and allow student borrowers to automatically enroll in income-based repayment plans. With the minimum payments to incomes proposal, loan forgiveness can be an option. Student borrowers would also have the option to opt out.

O'Malley has called for states to immediately freeze tuition rates and restore higher education investments. The former Maryland governor said he would collaborate with states on matching grants, noting college tuition increases have occurred to make up for 80 percent of previously lost funding. The collaboration efforts continues by giving colleges incentives to ensure students graduate on time.

In addition to the immediate tuition rate freeze, he proposed a national goal of reducing tuition costs to no more than 10 percent of a state's median income for four-year public universities and no more than 5 percent of median income for two-year public institutions.

"While institutions would be challenged to maintain quality and innovate in education and teaching to cut down on costs, states would be required to maintain their own funding efforts which, along with the increased funding from the matching grant program, would ensure universities do not suffer any decrease in educational quality while meeting these goals," O'Malley proposal noted.

Pell Grant increases for non-tuition costs, such as room and board, and need-based federal work-study programs for nearly two million students are included in his plan, largely aimed for low-and-middle-income, part-time and mid-career students.

Part-time students are more likely to not complete their college education than full timers due to other pressing matters such as supporting families. As a result, O'Malley said a first priority would include the addition of affordable childcare on campuses with federal and state governments sharing the costs.

O'Malley's college plan also focuses on high school students. While recognizing high school graduation rates are at a record-high 80 percent, at least one-third are unprepared for entry-level college courses. The presidential candidate seeks to expand learning and dual-enrollment programs and improve college counseling access, especially for lower-income and first-generation students.

O'Malley has referred to the student debt issue as a "crisis" that may risk students from achieving the American Dream.

Based on a 2014 Pew Research Center study, Latinos ranked education as their top issue. O'Malley's plan may prove to be beneficial for Latinos, which has seen its high school dropout rate decrease and college enrollment increase. Despite the enrollment gains, finances remain an obstacle from completing higher education, and they are more likely to enroll into community colleges than four-year schools.

For Latinos between the ages of 18 and 24, college enrollment into a two- or four-year college has more than tripled since 1993. Currently, Latinos represent the largest minority group on American college campuses.

To further promote the graduate debt-free plan, O'Malley visited Saint Anselm College in Pinardville, New Hampshire. Based on U.S. Census data, 91.8 percent of New Hampshire residents are high school graduates, but 33.7 percent hold a Bachelor's degree or higher.

"Right now, student loan debt is holding us back - student by student, family by family, and as a nation, we have to do better," said O'Malley in a statement. "In Maryland, I fought to freeze tuition at public four-year institutions, invested in higher education and financial aid, and took steps to make sure our high school students were graduating with a degree that's worth more. Now is the time we do this as a country."

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