A college degree is arguably the best investment a young person can make in his or her economic future.  A university education is associated with higher lifetime earnings, and lower risk of unemployment. But beyond the individual benefits, society has an interest in an educated citizenry.  Beyond the goal of having an educated workforce, if we want our democracy to thrive in the 21^st century, we need individuals with critical thinking skills, intellectual curiosity, an ability to consider options and trade-offs, and to plan for our collective future.  For political as well as economic reasons, we want a broadly and highly educated populace.

But today, students are relying heavily on student loans to pay for the ever increasing costs of a college education.  The class of 2015 has accumulated approximately $56 billion in student loan debt and, the average student is saddled with more than $35,000 of debt. Fifty seven percent of people with student loans are worried about their ability to repay them, and research has shown student debt  negatively effects a person’s ability to accumulate wealth and buy a home.  Moreover, at $1.2 trillion, total student loan debt is almost double credit card debt in the U.S.

As the primary lender in the student loan system, the federal government has a special interest in policy solutions that ensure students can pay back their student loans.  And as the entity charged with stabilizing and growing the national economy, the federal government has a stake in reducing the debt burden on working people.   

What’s the Solution?

A college education is fast becoming the great equalizer in the United States. Access to education has been an ongoing struggle in this country and one of America’s core democracy tenants is that an education can take anyone from the depths of poverty to a life of prosperity and achievement. 

Ahead of the 2016 presidential election, candidates of both parties have proposed solutions to increase college affordability, reduce the burden of high interest rates on graduates, and ensure that future students will not be discouraged from pursuing a college education because of its price tag. These proposals vary widely, as the chart below shows, so we have assembled this guide to comparing candidates’ proposals.

Additional Information on Other Candidates’ Higher Education Proposals:

• Lincoln Chafee
  • Supported increasing funding for public colleges and universities to avoid tuition increases
• Chris Christie
  • Supports private income-share agreements, whereby students would approach private investors for help paying for tuition in exchange for a percentage of their income for a number of years
• John Kasich 
  • Capped and froze tuition rates at Ohio state universities              
  • Made funding for public colleges and universities more closely dependent on graduation rates and performance measures
  • Expanded access to college-level courses for high school students
• Rick Perry
  • Pushed a four year tuition freeze for freshman in Texas
  • Supported tying state funding to graduation rates and performance measures at public universities and colleges
• Donald Trump
  • Started his own for-profit college, choosing not to seek accreditation, suggesting he may be sympathetic to reducing regulations on for-profit colleges
• Scott Walker
  • Has supported capping and freezing tuition rates at Wisconsin state universities               
  • Has called for a 13 percent cut in state support for Wisconsin public universities that could raise tuition for students

The 2016 election will be fought on whether we want rules and policies that expand opportunity for all Americans or if we are going to continue to allow wealth and opportunity to accumulate for the lucky few at the top of our income distribution.  Access to an affordable college education will be a key part of those debates.  Let’s hope the candidates who emerge at the end of this long process have clearly articulated plans for making higher education attainable and affordable for all Americans.  

NOTE: While the positions of all candidates declared at the time of this post were examined, only those with developed plans describing how to reduce student debt, lower costs, and/or increase the accessibility of higher education were included.

For Future Reading:

Paving Our Roads with Broken Promises: A Rotten Idea, The Fine Print, 7/23/2015

Progressives Present Alternative Budget: A Raise for America, The Fine Print, 3/19/2015

Investing in Our Future: President’s Proposal Promises Free Community College Tuition, The Fine Print, 1/12/2015