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Hillary Clinton’s $350 Billion College and Student Debt Plan

Posted By:  |  August 10, 2015  |  0 Comment(s)

Hillary Clinton says if elected, she has a plan to make college more affordable and ease some burden from those carrying the weight of student debt. This plan involves spending $350 billion and has been dubbed “The new college impact” by The New York Times.

This higher education bipartisan plan features new ideas for the future also applying ideas from the past and present into the mix. The plan allows a $175 million budget in the student’s interest, increased government investing in higher education, implementing a method for borrowers to refinance their loads at a lower interest rate. Also within this plan, Clinton demands colleges rise up to assist their student body with tuition and put a cap on wealthier families’ tax deduction, allowing them to pay for their children.

Hillary at Greenville Tech

According to the Consumer Financial Protection Bureau, an outstanding $1.2 trillion lies on the shoulders of both student borrowers and our economy, creating a negative sum game. Clinton’s rivals, Former Governor Martin O’ Malley and Senator Bernie Sanders, proposed $47 billion a year to end public college tuition, with an additional $23 billion being funded from each state. Republican candidates have stated making college tuition tax free, while encouraging students to look into crowdfunding options.

Under Clinton’s plan, If the state pledges to offer free tuition at two year community colleges, and an opportunity to settle into a four-year university without taking out loans, then the federal government would provide grants to each of these states.

There has been speculation that during the recent Great Recession, states cut their higher education costs which has strongly influenced the rising cost of tuition over the years. Clinton’s plan will require students work at least 10 hours a week, giving back some of their earnings, and families will also be required to help out making ‘realistic contributions.’

What about those who are not in college but still have the burden of student loans to carry? Clinton also has a plan and in her campaign she estimates about 25 million borrowers would benefit. This plan allows borrowers with federal and private loans to be eligible for refinancing, which has been blocked by Congressional Republicans in the past.

Under this plan, Clinton includes proposals making it easier for borrowers to make payments toward their loans according to income. This plan will also ensure auto-enrolling to previously delinquent borrows to ensure payments are made, but again, repayment is income based.

The New York Times reported:

Mrs. Clinton…, would also allow Americans to refinance private loans at lower interest rates; expand the AmeriCorps National service program, which provides an education benefit and was started by President Clinton, to 250,000 members form 75,000 members and impose penalties on colleges whose graduates cannot repay their loans.

Because the affordability in college has become a major campaign issue this season, many have stated the candidate will not have any trouble enacting this plan.

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  • How important is it to you for a debt consolidation company to offer financial education resources?
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  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
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  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
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