The candidates’ plans for college and higher education are disappointing to say the least!
I mentioned earlier that rapidly rising tuition costs can be attributed at least partially to the current federal subsidy & manipulation of student loans through the Higher Education Act. As long as subsidized loans out-perform market averages in other secure investment vehicles, lenders have to keep the rates on private loans also above-market. As usual, subsidies tend to create price floors. Why would a bank settle for “normal” market returns if the government guarantees better profits?
Senators and presidential candidates Obama, Hillary, and McCain don’t have very much to say about higher education and college tuition costs. In fact, McCain doesn’t have anything to say about college at all and his “Issues” page on education focuses on accountability and expanding the No Child Left Behind program – with even harsher penalties for failing schools.
Obama and Hillary offer almost the exact same plan. Essentially, a tax cut for anyone paying for tuition. Hillary Clinton’s plan calls for a $3,500 tax credit, and Barack Obama’s plan calls for a $4,000 tax credit. From Obama’s website:
This universal and fully refundable credit will ensure that the first $4,000 of a college education is completely free for most Americans, and will cover two-thirds the cost of tuition at the average public college or university and make community college tuition completely free for most students.
The other promise they make is to “simplify” and “streamline” the federal financial aid process (FAFSA). This isn’t really news, because this has already been written into the College Opportunity and Affordability Act. If the law passes as written, IRS information can be used to “pre-populate” FAFSA forms, allowing students and parents to apply for financial aid at the same time they pay taxes.
July 30th, 2008 at 9:44 am
Wow, I am stunned to see that non of the possible future presidents has a long-term vision on this issue. Kids that will get good education from well paid motivated teachers are a blessing for every country that gets so much competition in the world economy games from Asian countries within the next couple of years.
August 22nd, 2008 at 4:54 pm
It’s nice to see where our priorities are. The costs of higher education are growing at a staggering rate and we clearly aren’t doing enough to financially equip those who wish to go to college. While we may not see the effects of such blatant negligence today, our future will be sufficiently reflective of it. It’s truly a pity that so many talented students have to settle for something much less than what they’re capable of simply because we can’t get our act together.
July 22nd, 2010 at 12:36 am
The Obama Administration should definitely stop paying lip service in terms of Education.It should invest more on better education and financial aids to students. How much is the government Education Budget for this year? I hope it can cover Grants to sustain education in this country.
September 15th, 2010 at 6:55 pm
Am I alone in saying that this doesn’t entirely make sense? How come I’m the only one wondering if this is a big joke.
November 8th, 2010 at 12:22 pm
Wow, I am stunned to see that non of the possible future presidents has a long-term vision on this issue. Kids that will get good education from well paid motivated teachers are a blessing for every country that gets so much competition in the world economy games from Asian countries within the next couple of years.
December 20th, 2011 at 2:55 am
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