Hillary Clinton Devising Plan to Deal With Mounting Student Loan Debt
Recently declared 2016 Democratic presidential candidate Hillary Clinton is already in the midst of formulating a plan to tackle the nation's mounting student debt crisis.
According to Yahoo, it is almost certain that it will be months before the final details of the plan are made public, but with the problem spiraling more and more out of control each day, anticipation for her suggestions is already bubbling over.
During her first official campaign stop last month at an Iowa community college, Clinton told students she is in full support of President Obama's proposal to make community college free for everyone. She just feels even more is needed.
"Even if we were successful in making the costs directly associated with going to college free, there are all these other costs people have to figure out how to pay," she said. "There are all these other costs, whether it's books or online materials."
Clinton is also on record for being in favor of income-based repayment, which would minimize all tuition costs and make it easier for to fiance any federally incurred debt.
As a New York Senator nearly a decade ago, Clinton proposed the Student Borrower Bill of Rights, which was touted as allowing cash-strapped students to somewhat easier pay back their loans, refinance debt and even discharge student costs in bankruptcy.
Later, she enthusiastically supported the College Cost Reduction and Access Act, which expanded the Pell Grant program and gave graduates the ability to apply for income-based repayment loans and loan forgiveness for those who enter a life of public service.
As of last year, college costs have spiked to a 225 percent increase over the last three decades. Presently, the typical college grad is estimated to be at least $30,000 in debt and the Consumer Financial Protection Bureau recently reported that complaints against student lenders were up by a staggering 38 percent in 2014.
"It's hard to relate the rise in cost to the actual product that has certainly changed somewhat but not so dramatically as to justify those costs," said Clinton. "I think colleges and universities have to do more to keep costs down and do more on financial aid so people can come to college without having to bear the cost themselves. ... It's going to take a lot of work because there's a very strong institutional interest in keeping costs high."
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