In the 2012 campaign, both presidential candidates will be vying for the votes of college students. With tuition on the rise and the future of loans shaky at best, it is more important than ever for college students to go out and vote. But as citizens of the world, we must make sure to make informed decisions about who we are voting for in November. Today’s lesson: Obama vs Romney on higher education. Take a look at some of the reported facts of each candidate’s budget plans and how they will affect your college costs.
- The President’s strategy is to help students afford the increasing price of college tuition.
- President Obama wants to increase Pell Grants for low-income students and nearly double the funding of the program.
- He also wants to focus on aiding community colleges in training students for local jobs. The pathway from CC to an employer would be secured through exclusive partnerships.
- The President’s budget calls for serious student loan reform where borrowers, starting in 2014, will not have to pay more than 10% of their disposable income. And after 20 years, all borrowers that make their payments on time will no longer have to worry about their remaining debt. Public service workers only need to wait 10 years.
To read more about Obama’s plan for education, take a look at his official website here.
Presidential Candidate Romney:
Republican Mitt Romney has a different take on the budget. His platform focuses on affordability and accessibility.
- Vice Presidential Candidate Paul Ryan’s budget, often synonymous with Romney’s plan, proposes huge cuts to Pell Grant funding. They believe the Pell Grant system to be highly unsustainable and want to turn to alternative methods of financial aid.
- In hopes of decreasing the cost of tuition, the former governor wants to halt the majority of federal support to colleges. His philosophy is that federal loans reward colleges for tuition increases.
- Candidate Romney proposes an end to the federal direct student loan program in favor of private student loans dispersed from banks. Romney wants to transfer the responsibility of federal-run loans to the private sector.
Read Romney’s educational budget plan, “A Chance for Every Child: Mitt Romney’s Plan for Restoring the Promise of American Education,” on his official blog here. His stance on higher education starts on page 30. (photo via)