Hillary Clinton rolls out debt-free, college-for-all plans
Wednesday, Hillary for America is announcing additional measures to her New College Compact to make debt-free college available to all American families. In addition to existing provisions such as allowing students to refinance their loans and enroll in income-based repayment plans, defending Pell Grants to let them
cover some costs for living expenses and three-year student loan payment deferral for aspiring entrepreneurs, Clinton’s proposal will include a three-month moratorium for federal student loan payments, as well as a new measure to eliminate college tuition for working families.
“American families are drowning in debt caused by ever-rising college costs,” Hillary Clinton said, “and it is imperative that the next president put forward a bold plan to make debt-free college available to all. My New College Compact will do just that — by making sure that working families can send a child or loved one to college tuition-free and by giving student debt-holders immediate relief. While Donald Trump offers little more than broken promises to get rich quick, I remain committed to ensuring that a college degree is attainable for anyone in this country with the desire and determination to earn one.”
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As president, Clinton would take executive action to offer a three-month moratorium on student loan payments to all federal loan borrowers. During this period, the Department of Education would provide dedicated assistance to every borrower so they would be able to consolidate their loans, enroll in income-based repayment plans and take direct advantage of opportunities to reduce monthly interest payments and fees. Borrowers who are delinquent or in default will receive additional rehabilitation options to help them get back on their feet.
Additionally, Clinton’s plan would eliminate college tuition for working families by saying that families with income up to $125,000 will pay no tuition at in-state public colleges and universities – which would cover more than 80 percent of all families. The plan will phase in, with families earning $85,000 a year or less immediately able to attend a four-year public college or university tuition-free upon enactment. The income threshold will increase by $10,000 a year each year over four years so that, by 2021, all students with a family income of $125,000 or less will have the opportunity to receive a college education tuition-free.
Clinton’s New College Compact is centered on two promises to American families: that costs won’t be a barrier to attending college, and that debt will not hold individuals back from achieving their goals upon completing their eduction. In addition to the proposals outlined above, it includes specific provisions to benefit Historically Black Colleges and Universities (HBCUs), Hispanic Serving Institutions and other minority-serving institutions, and to support parents who are balancing earning a degree with raising a child.
Read more about Clinton’s proposals to make higher education more affordable and accessible on her website here.
