Where They Stand: 2020 Presidential Candidates On Student Debt, College Costs
UPDATED FEBRUARY 2020
BOSTON (CBS) - About 45 million Americans owe a staggering $1.6 trillion in student debt. More and more young people are graduating college looking ahead to decades of loan repayment. Student debt, and making college more affordable has become a central issue in the 2020 presidential campaign.
Here is a brief look at where each of the current presidential candidates stand:
Joseph Biden, Jr. (D)
Former Vice President
- Recently released a proposal to simplify and streamline the Public Service Loan Forgiveness program, with a particular focus on teachers
- Supports free tuition at community colleges
Michael Bloomberg (D)
Former Mayor of New York City
- Not in favor of total student debt forgiveness
- Wants to examine how the debt is being accumulated
- Consider lowering student loan interest rates
Pete Buttigieg (D)
Mayor of South Bend, Indiana
- Wants to make college free for lower income families
- Proposal supports state-federal partnership that make public tuition affordable for all and free for lower income families
- Will combine this with large increases in Pell Grants that provides for basic living expenses and keeps up with inflation
Tulsi Gabbard (D)
Congresswoman from Hawaii
- Co-sponsored House versions of Sander's College for All Act
- Wants to cut student loan interest rates for new borrowers in half and enable existing borrowers to refinance their loans
Amy Klobuchar (D)
Minnesota Senator
- Supported College Cost Reduction Act that created a public service loan forgiveness and income based repayments
- Supports the American Opportunity Tax Credit that allows student loan borrowers to deduct a decent amount of student loan interest on tax return
- In support of expanding the Pell Grant
- Plan includes letting current student loan borrowers gain eligibility to refinance their existing loans at lower rates of around 3%
- Wants free tuition for community colleges
Bernie Sanders (D)
Vermont Senator
- Supports free and debt-free college
- Debt free proposal includes eliminating tuition at public colleges and universities for people of specific household incomes
- Wants to increase Pell Grants for low income
- Plans to increase federal work study opportunities for students and reduce cap interest rates
- Supports borrowers being able to refinance student loans at lower rates
Tom Steyer (D)
Philanthropist
- Wants the right to a quality education guaranteed under the Constitution
- Two years of free college
- Refinance student loans at lower rates
- Forgive student loan debt for teachers and other public servants
Donald Trump (R)
President of the United States
- Force colleges to limit tuition increases by limiting student loan borrowing
- Simplify the student loan repayment process
- Increased access to Pell grants over Summer and Winter breaks
Elizabeth Warren (D)
Massachusetts Senator
- Co-sponsor of the 2018 Debt Free College Act
- Supports free tuition for all at public colleges
- Plans to speed up the debt forgiveness process by using executive authority
- Wants to cancel up to $50,000 in debt for anyone with a household income under $100,000
- People who earn more would be able to get a smaller amount of their debt cancelled
Bill Weld (R)
Former MA Governor
- Allow for renegotiating of student debt
- Increase focus on online education