Buzz
Student loan debt is shaping up to be a major focus during the 2020 Presidential campaign, with early proposals from Democratic candidates like Elizabeth Warren and Bernie Sanders, who unveiled comprehensive plans from the outset. These two are just a fraction of the many contenders hoping to challenge President Donald Trump next fall.
Next week, twenty candidates will participate in another two-night debate session to discuss key issues. If you’re curious about each candidate’s approach to college expenses and student loan debt, this guide is your go-to reference.
The following plans and priorities have been gathered from each candidate’s campaign website, listed in alphabetical order:
Michael Bennet
Student loan debt
Guarantee that “college students can pursue their education without being weighed down by overwhelming debt.”
Joe Biden
No proposal available.
Steve Bullock
No proposal available.
Cory Booker
College expenses
Make community colleges and vocational programs tuition-free.
Streamline the process for federal financial aid applications.
“Create a pathway to a debt-free college experience.”
Student loan debt
“Safeguard student loan borrowers by holding loan servicers accountable for abusive practices.”
Pete Buttigieg
Higher education costs
Form a state-federal collaboration to provide tuition-free public college for low-income families.
Expand Pell Grants.
Student loan debt
“Address student loan debt head-on.”
“Offer greater assistance to students pursuing public service careers.”
Julian Castro
Higher education expenses
Eliminate tuition fees at public universities, community colleges, and vocational schools.
Increase Pell Grants to a maximum of $10,000.
Simplify the FAFSA application process.
Student loan debt
Postpone all monthly loan payments until the borrower earns at least 250% of the federal poverty level.
After reaching 250% of the federal poverty level, the borrower will pay no more than 10% of their qualifying income (adjusted gross income minus 250% of the federal poverty level) each month.
Set a cap on the accumulation of interest for all loans.
Ban origination or similar fees on student loans.
Introduce a new loan forgiveness program for individuals receiving federal benefits like Supplemental Security Income or Medicaid for three years within a five-year span.
Allow borrowers to discharge or modify their student loan payments through bankruptcy.
Simplify the Public Service Loan Forgiveness program.
Mandate universities to verify private loans and educate students about federal loan options with more favorable terms.
Bill de Blasio
No proposal available.
John Delaney
Higher education costs
Offer two years of free community college or technical school tuition to every high school graduate.
Increase funding and raise the maximum award amounts for the Pell Grant program.
Provide scholarships to individuals who complete service in a new national service initiative.
Student loan debt
Broaden eligibility for income-driven repayment plans.
Accelerate loan forgiveness for Pay As You Earn Plan and Revised Pay As You Earn Repayment Plan borrowers by two years.
Exempt forgiven student loan amounts from being taxed.
Reduce loan interest rates to match the rate of 10-year Treasury bonds.
Enable private loan borrowers to refinance through the federal government, with access to income-driven repayment programs.
Allow for the discharge of student loan debt through bankruptcy.
Tulsi Gabbard
No proposal available
Kirsten Gillibrand
Higher education costs
Enhance the G.I. Bill benefits.
Offer students two years of tuition-free education at community colleges or public universities for every year of public service they contribute.
Student loan debt
Allow graduates and their families to refinance their student loans at the most competitive rate available.
John Hickenlooper
Higher education expenses
Make community college accessible for anyone “who cannot afford it.”
Student loan debt
Reduce the federal interest rate on all student loans to 2.5%.
Jay Inslee
No proposal available.
Kamala Harris
Higher education expenses
Offer free community college education.
Make four-year public universities “debt-free.”
Provide a tax relief for Pell Grant recipients through the LIFT Act.
Student loans
Allow the refinancing of high-interest loans to more affordable rates.
Broaden income-based repayment plans.
Amy Klobuchar
Higher education expenses
Offer community college degrees and certifications for technical fields.
Increase funding for Pell Grants.
Student loan debt
Allow for the refinancing of student loans at reduced interest rates.
Provide loan forgiveness for professions in high demand.
Beto O’Rourke
“Tuition-free higher education.”
Tim Ryan
No plan provided.
Bernie Sanders
College costs
Pass the College for All Act to remove tuition and fees for both two-year and four-year public colleges, as well as vocational schools.
Allocate Pell Grants to low-income students.
Increase funding for the Federal Work-Study Program by three times.
Provide at least $1.3 billion to support Historically Black Colleges and Universities (HBCUs) and Minority Serving Institutions (MSIs), helping to reduce or eliminate tuition for low-income students.
Double the funding for TRIO Programs and GEAR Up Programs to assist low-income students, students with disabilities, and first-generation college students.
Student loan debt
Eliminate all student loan debt.
Set a 1.88% maximum interest rate for student loans.
To fund his proposal, Sanders plans to introduce a Wall Street speculation tax, which would impose a 0.5% tax on stock transactions, a 0.1% fee on bond trades, and a 0.005% fee on derivative trades.
Elizabeth Warren
College costs
Provide free public college education for all Americans.
Increase Pell Grant funding by $100 billion and broaden its eligibility to cover non-tuition costs.
Student loans
Forgive student loan debt up to $50,000 for individuals with household incomes below $100,000.
Offer significant debt relief for those with household incomes ranging from $100,000 to $250,000. For instance, Warren's plan suggests that the $50,000 cancellation amount decreases by $1 for every $3 above $100,000 in income. So, a person earning $130,000 would receive $40,000 in cancellation, and someone making $160,000 would get $30,000.
Ensure that forgiven student loan debt is not taxed as income.
Warren plans to finance her proposal through a 2% annual wealth tax on individuals with more than $50 million in assets, calling it the “ultra-millionaire tax.”
Marianne Williamson
College costs
Ensure that all “eligible students” receive free education at colleges or technical schools.
If full tuition-free college is not feasible, consider repayment options through a small payroll tax when graduates start working or through contributions from public service.
Student loan debt
Implement a “student loan amnesty” initiative.
Shorten the repayment period from the current 10 years to just 5 years.
Set the interest rate to zero or a minimal fixed percentage.
Remove origination fees for federal student loans.
Lift the annual caps for federally subsidized student loans.
Andrew Yang
College costs
Increase funding for vocational training programs.
Make community college education nearly free or fully funded.
Student loan debt
Lower interest rates and ensure borrowers can refinance at these reduced rates.
Encourage schools to forgive student debt for individuals who did not complete their degree.
Consider a broad partial reduction in outstanding student loans for recent graduates.
Support income-driven repayment programs, allowing graduates to pay a percentage of their income instead of a fixed monthly amount.
Make it easier to discharge student loans through bankruptcy proceedings.
Introduce a grant program that provides loan forgiveness for graduates working in underserved or rural areas.
