Americans owe an estimated $1.4 trillion in student debt. Given the size of the issue, college affordability and student debt are at the top of mind for many voters. Thankfully, both major party candidates for president have proposed policy solutions, though they couldn't be more different.
Donald Trump spent the better part of two years avoiding the topic of student loans and college affordability, failing to put forth a plan to help struggling families afford college tuition and pay off debt. But lo and behold, on October 13, less than a month away from Election Day, Trump laid out his most specific plan to date in Columbus, Ohio, to a group of college students. Hillary Clinton, on the other hand, announced a plan in the Democratic primary to ensure that no student takes on debt for tuition and fees at public colleges. After the primaries ended, Clinton worked on a compromise proposal with Vermont Sen. Bernie Sanders that built on her original plan and offered free tuition for all but the wealthiest students attending public colleges.
The details of Clinton and Trump's approaches to college affordability and debt haven't gotten much attention in the past few months of the campaign, but for anyone who has student debt or plans to go to college, they're worth checking out.
If you plan on attending a private college or university…
Clinton:
- Wants to start a new fund for private HBCUs and colleges that enroll high percentages of students of color and low-income students. This fund will be used to lower prices for students and provide more services to help students graduate faster and with minimal or no debt.
Trump:
- Has called on private colleges to spend more endowment money on students or risk losing their tax-free status, but offers no specifics.
If you plan on attending a public college or university (including community colleges and approximately half of HBCUs)...
Clinton:
- Wants to make college tuition-free for everyone from families making less than $125,000 a year, and debt-free for everyone.
- Wants to allow students to use Pell Grants to cover living expenses and other costs, and to use them year-round instead of just during the semester, which would help students to graduate faster and keep costs down.
- Students would be expected to work 10 hours a week to help cover living expenses, or have the option of low-interest student loans.
Trump:
- Wants to remove “regulations” to make college more affordable—but has offered no specifics. Trump’s advisors say free or debt-free college is “absurd.”
If you plan on attending a for-profit college or university…
Clinton:
- Wants to crack down on for-profit colleges and continue regulations implemented by the Obama administration that require programs to provide “gainful employment” to graduates.
Trump:
- Proposed massively cutting regulations in higher education, which historically allowed predatory for-profit colleges (Like Corinthian Colleges and ITT Tech, which recently closed after lawsuits and much scrutiny) to expand.
If you’re a student and a parent (like 26% of college students)...
Clinton:
- Wants to increase funding for on-campus childcare by 1,500%.
Trump:
- Has said nothing about parent-students, once called a woman “disgusting” for breastfeeding, kicked a crying baby out of his rally, and said that men who take care of their children are acting "like the wife."
If you have student debt…
Clinton:
- Wants students to refinance student loans with lower interest rates.
- Wants to implement a 3-month hiatus on all student loan payments to allow borrowers to enroll in repayment plans that lower monthly payments.
- Wants a new payroll deduction for employers who help pay down employees’ student loans.
Trump:
- Wants to consolidate all loan repayment options into one plan in which borrowers give up 12.5 percent of their monthly income for 15 years and then all debt is forgiven. This is very similar to payment plans that already exist; Trump basically just added his tweaks.
If you have student debt and plan on working in public service…
Clinton:
- Wants borrowers to be eligible for up to $17,500 for starting a social enterprise or new business in distressed communities.
- Wants all loans to be forgiven for those who complete two years of national service and a year of public service through Americorps.
- Wants borrowers who work in public service for 10 years to have their remaining student loans forgiven;
Trump:
- Has said nothing about public service loan forgiveness.
