STUDENT DEBT: the reality
You know that feeling?
That nauseous feeling in your gut when you realize you’ve got two college tuition payments due, a mortgage payment and a healthcare premium calling your name....and, oh yeah, you still have to put food on the table.
We know it, we live it - and, we also know we’re the lucky ones.
Many around the country are faced with even more dire and desperate choices. College is a pipe dream and the American dream seems like a fairytale. We are living through the “American Affordability Crisis,” and no matter where we fall on this spectrum of loss, it is time for all of us to pay attention and start voting our way out of it.
Fun fact: The average US Senator is 61.8 years of age. In 1960, the era when most of these lawmakers were heading off to college, the average cost for tuition, room, and board was $2,015 a year. Take that in.
Today’s young college hopefuls (and their families) have a MUCH higher hill to climb. The average cost of college can be as high as $41,000 a year for private colleges, $11,000 a year for state and public college, or $30,000 a year to attend an out of state school. A few more frightening statistics to ponder...
70% of students have an average of $37,000 in student debt
40% of students who pursue a Bachelor’s Degree do not graduate in 6 years, and with no degree or a well-paying job, it is virtually impossible for these students to pay back their loans
High student loan debt and/or default, affect credit ratings and make it difficult for these students to buy a home or get ahead
45 million Americans collectively owe $1.6 trillion of student loan debt
And, projections are that 40% of all student loans will default by the year 2023
There goes that nauseous feeling again.
Fortunately, this campaign season, student loan debt is a major talking point for every candidate on the trail. They are all proposing some form of student loan relief and most have plans to make college more affordable.
Bernie wants to eliminate all student debt. Period. Bloomberg and Warren are proposing canceling debt based on the ability to pay. Biden, Buttigieg, Gabbard, Klobuchar, and Steyer all have their own version of a plan to alleviate the student debt burden. On the affordability question: Buttigieg has a proposal to offer free four-year college available to middle and low-income families, while Sanders and Warren both have proposed free college for everyone. Biden and Klobuchar are both proposing tuition-free community college and Klobuchar has placed an emphasis on filling jobs where there is high need (like healthcare workers) via technical certifications. Finally, even President Trump has suggested that the issue of student loan relief is something that should be “looked at.” While there’s no signal the administration will move on anything before the election, you can bet this will be an issue the President is asked to speak about many times over in the months ahead.
We’ve taken a look at what all the candidates are saying on this issue in our Campaign 2020 Vote’s Guide. We hope it’s helpful. More importantly, we hope one of those with an effective plan to address this critical issue is elected in November. See you at the polls!