Where the Candidates Stand on College Costs
With the US presidential election five months away, the candidates are making an effort to get their voices heard on topics such as health care, taxes, the economy and the ongoing war. But what about topics closer to a college grad’s bank account - student loans and the college tuition? Here is a breakdown of what is known about Barack Obama and John McCain’s stances on these issues so important to today’s students.
Faced with steep inflation of college tuition, many college aged people are looking to find out where the candidates stand on student aid and the rising cost of higher education. As over 17 million voting-age college students stand to be affected by the troubles in the student loan market, it has been harder for the candidates to avoid discussions on the costs of higher education.
From Bnet’s article on college costs in the candidate’s agendas:
This year, students are voicing concerns more loudly about their ability to afford a higher education as ever-rising college costs — up 22 percent in the last five years alone — have been thrown into especially stark relief amidst a media and public storm about the potential unavailability of student loans facing families in the upcoming academic year.
Traditionally Republicans like to cut public programs and funding in favor of projects deemed more important and McCain’s stance so far seems to be in line with that. To deal with the expanding federal deficit, McCain’s preferred solution is cutting government spending. This is good and bad since earmarks will decrease (under Bush the number has grown substantially). Earmarks refer to congressional provisions that direct approved funds to be spent on specific projects, and are sometimes a wasteful way to spend tax dollars but many do end up in higher education. Funding will most likely also be cut from programs that student and grads depend on. The final consequences are unknown since McCain’s camp has not stated a plan concerning post-secondary education and student financial aid.
But McCain would also permanently extend the 2001 Economic Growth and Tax Relief Reconciliation Act (EGTRRA) and 2003 tax cuts, which do include some measures that affect higher education.
Barack Obama has outlined a few proposals including those for grants, loans and other proposals that would help students, including establishing a $4,000 fully refundable “American Opportunity Tax Credit” available at the time of enrollment. This tax credit could cover the first $4,000 of college education costs. Another proposal would ensure that the Pell Grant would keep pace with the rising cost of college inflation, which is Pell’s major problem. Replacing FFELP (The Federal Family Education Loan Program) with 100% Direct Lending was also proposed in addition to a few more ideas.
To get the full break-down of Obama’s student aid proposals, including all those of the other candidates, visit Finaid’s guide to the candidates proposals.
In the end it’s much easier to promise to do something on college costs than it is to actually do something. But it is a good sign for students and institutions who’s issues can capture political attention and debate especially in an election year with so many hot topics.
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