Students and graduates have long faced the burden of fast-growing college tuition, but the 2016 presidential election could be a turning point for student loan reform.
According to The Ohio University Daily, candidates from both parties have raised the issue of college tuition, which has become increasingly expensive in recent years.
Democratic contenders Hillary Clinton and Bernie Sanders have proposed their own plans to limit the hindering effect of higher education costs on students’ ability to receive a college degree. Clinton’s proposition, known as “The New College Compact,” would make community colleges free and allow college loans to be refinanced with lower interest rates.
Sanders’ approach differs in that it calls for institutions to offer education free of charge. While this measure would require large amounts of funding, states and financial companies would face the burden because they would be expected to dole out additional money through funding and tax hikes.
Most of the Republicans have not shared concrete ideas to reform the cost of higher education. However, Marco Rubio’s plan is rather unique. He hopes to make loan repayments dependent on income, meaning that the amount owed would be proportionate to a person’s annual earnings.
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