College Debt — Sanders says he wants to cancel all student loan debt for the 45 million Americans who owe approximately $1.6 trillion and place a cap on student loan interest rates going forward at 1.88%.
How — When in office, Sanders says he will cancel the entire $1.6 trillion in outstanding student debt for the 45 million borrowers, which will save around $3,000 a year for the average student loan borrower.
College Tuition — Sanders says he wants to guarantee tuition and debt-free public colleges, universities, HBCUs, minority-serving institutions and trade schools to all. Sanders wants to ensure students are able to cover non-tuition costs of attending school by expanding Pell Grants to cover non-tuition and fee costs and tripling funding for the Federal Work-Study Program.
How — When in the White House, Sanders says he will pass the College for All Act, which will provide at least $48 billion per year to eliminate tuition and fees at four-year public colleges and universities, tribal colleges, community colleges, trade schools and apprenticeship programs. Sanders says if he takes office, he will provide Pell Grants to low-income students to cover the non-tuition and fee costs of school, including housing, books, supplies, transportation and other costs of living. He will also require participating states and tribes to cover the full cost of obtaining a degree for low-income students (normally those with a family income of less than $25,000) by covering a gap that may exist after the elimination of tuition, fees and grants. He also says he will place a cap on student loan interest rates going forward and triple funding for the Federal Work-Study Program.
College Debt — Buttigieg says if elected, he will make student loans less burdensome and more affordable.
How — Buttigieg says he will automatically enroll struggling student borrowers in affordable, income-driven repayment plans, cancel debt for borrowers who attended unaffordable for-profit programs, and provide earlier student loan forgiveness to public servants and full debt cancellation after 10 years of service.
College Tuition — Buttigieg says his goal is to enable 10 million more students to graduate with high-quality college degrees and credentials over the next decade.
How — Buttigieg says he will make public tuition free for 80% of American families, including all families earning up to $100,000, and many middle-income families with multiple children. He says he will also add $120 billion to the Pell Grant program, including increasing the size of the maximum Pell Grant by $1,000. Additionally, he says he will have his administration notify students of their Pell Grant eligibility automatically starting in the ninth grade, and have the federal government complete most of their Free Applications for Federal Student Aid (FAFSAs) for them.
College Debt — Warren says she will use existing laws on day one of her presidency to implement her student loan debt cancellation plan that would offer relief to 42 million Americans.
How — Warren says she will direct the secretary of education to use their authority to begin to compromise and modify federal student loans consistent with her plan to cancel up to $500,000 in debt for 95% of student loan borrowers. She says she will also direct the secretary of education to use existing authorities to rein in the for-profit college industry, crack down on predatory student lending, and combat the racial disparities in our higher education system.
College Tuition — Warren says she will push for Congress to enact universal tuition-free public college, increase Pell Grants by $100 billion to cover living expenses for low and middle-income students and expand who is eligible for a Pell Grant, and increase funding by $50 million for HBCUs and minority-serving institutions. She also says she will push for Congress to place a ban on federal funding for for-profit colleges.
How — Warren has proposed the wealth tax to offset the costs of her proposals. This tax would apply only to households with a net worth of $50 million or more, who would pay an annual 2% tax on every dollar of net worth above $50 million and a 6% tax on every dollar of net worth above $1 billion.
College Debt — Biden says he will more than halve payments on undergraduate federal student loans by simplifying and increasing the generosity of today’s income-based repayment program. Biden also says he will make loan forgiveness work for public servants, crack down on private lenders profiteering off students, and allow individuals holding private loans to discharge them in bankruptcy.
How — Biden says that under his plan, individuals making $25,000 or less per year will not owe any payments on their undergraduate federal student loans and also won’t accrue any interest on their student loans, and everyone else will pay 5% of their discretionary income, which is income minus taxes and essential spending, like housing and food.
College Tuition — Biden says he will invest in community colleges and training to improve student success and grow a stronger middle class. Biden says he will provide two years of community college or another high-quality training program without debt and will create a new grant program to assist community colleges in improving their students’ success. He says he will also make a $50 billion investment in workforce training, including community college business partnerships and apprenticeships.
How — Biden says he will build on the progress made during his vice presidency under President Obama and enact legislation to ensure that anyone who wants to attend community college can for up to two years without paying tuition. This plan will be a federal-state partnership, with the federal government covering 75% of the cost and states contributing the rest of the obligation.
College Debt — Bloomberg says he will make two-year public colleges and four-year colleges debt-free for the lowest-income students. Bloomberg says he will also reduce the cap on federal undergraduate student-loan payments and make it possible for students to pay back just what they can afford.
How — Bloomberg says he will cut the cap on student loan payments by 50% and forgive loans tax-free after 20 years.
College Tuition — Bloomberg says he will make two-year public colleges tuition free for all, and will make four-year colleges tuition-free for the lowest-income students. Bloomberg says he will also make a four-year education highly affordable for middle-class families.
How — Bloomberg says he will double the size of Pell Grants and remove current barriers of access to Pell Grants for DREAMers and formerly incarcerated students.
College Debt/How — Steyer says he will tackle the student debt crisis by forgiving certain types of student loan debt, reforming the public service student loan forgiveness program, making the refinancing of student loans easier, cracking down on predatory student loan servicers, and expanding access to educational benefits through his New National Public Service Plan.
College Tuition — On his campaign site, Steyer says “every American should have the right to a free, quality, public education from universal pre-kindergarten through higher education, including workforce and technical training.”
