Erase Your Student Loans the Howard Dean Way

[bigpoppanils]

villagevoice.com exclusive

Candidate’s $7.1 Billion Vision for a Diploma in Every Pot

Erase Your Student Loans the Howard Dean Way

by Kareem Fahim

November 13th, 2003 9:15 AM

On Wednesday, Howard Dean’s campaign unveiled a revolutionary—some would say radical—proposal for lowering the cost of college in America, while at the same time encouraging a fresh wave of national service. In a speech at Dartmouth College in New Hampshire on Thursday, the Democratic frontrunner is expected to announce details of a sweeping plan he claims will guarantee "every young person access to an affordable four-year college education."

The "College Commitment," as the policy is called, promises that all students will have access to $10,000 annually for college, provided in a mix of grants and loans, depending on family earnings. After school, students would make regular payments on the full debt, but they’d receive a tax credit at the end of each year for any amount they’d paid over 10 percent of their income. That way, the campaign argues, no one would ever pay out more than 10 percent of their earnings, or have to make payments for more than a decade.

Working retroactively, the policy would apply to anyone with outstanding loans, even people who graduated years ago. It wouldn’t cover the expense of graduate school.

Dean's campaign estimates the program will cost $7.1 billion annually, money the former Vermont governor says can be raised by rolling back what his strategists term President Bush's "reckless" tax cuts.

In return for the public support, Dean plans to ask students, beginning in the eighth grade, to "work hard in high school" and to commit to college. His vision also calls for a large expansion of the Clinton-era Americorps program, from 50,000 positions to 250,000. Finally, it pledges that graduates who enter public service—becoming police officers or teachers, for example--will pay no more than 7 percent of their annual income toward school loans.

"This has the potential to revolutionize financial aid in this country," said Bob Shireman, a policy analyst at the Aspen Institute who consulted with the Dean campaign. And while he concedes that the plan is ambitious, Shireman says the Dean proposal strikes at the "fear" that accompanies the now complicated financial aid process.

According to a new study by the College Board, the annual costs for a year at a public university are $10,636. The fees for private schools are more than double that amount. Last year, American students received an average of $9,100 in financial aid, much of it loans. While Dean campaign staffers emphasize that the policy is intended to appeal to voters under 30, analysts point out that it stands to draw support from a much larger pool, that of poor and middle-income parents whose kids aren’t yet in college. That group includes the families of nearly 2 million Latino children expected to start college in the next decade.

[marksimons]

commie bastard!

[mr mahs]

Originally posted by bigpoppanils

villagevoice.com exclusive

Candidate’s $7.1 Billion Vision for a Diploma in Every Pot

Erase Your Student Loans the Howard Dean Way

by Kareem Fahim

November 13th, 2003 9:15 AM

On Wednesday, Howard Dean’s campaign unveiled a revolutionary—some would say radical—proposal for lowering the cost of college in America, while at the same time encouraging a fresh wave of national service. In a speech at Dartmouth College in New Hampshire on Thursday, the Democratic frontrunner is expected to announce details of a sweeping plan he claims will guarantee "every young person access to an affordable four-year college education."

The "College Commitment," as the policy is called, promises that all students will have access to $10,000 annually for college, provided in a mix of grants and loans, depending on family earnings. After school, students would make regular payments on the full debt, but they’d receive a tax credit at the end of each year for any amount they’d paid over 10 percent of their income. That way, the campaign argues, no one would ever pay out more than 10 percent of their earnings, or have to make payments for more than a decade.

Working retroactively, the policy would apply to anyone with outstanding loans, even people who graduated years ago. It wouldn’t cover the expense of graduate school.

Dean's campaign estimates the program will cost $7.1 billion annually, money the former Vermont governor says can be raised by rolling back what his strategists term President Bush's "reckless" tax cuts.

In return for the public support, Dean plans to ask students, beginning in the eighth grade, to "work hard in high school" and to commit to college. His vision also calls for a large expansion of the Clinton-era Americorps program, from 50,000 positions to 250,000. Finally, it pledges that graduates who enter public service—becoming police officers or teachers, for example--will pay no more than 7 percent of their annual income toward school loans.

"This has the potential to revolutionize financial aid in this country," said Bob Shireman, a policy analyst at the Aspen Institute who consulted with the Dean campaign. And while he concedes that the plan is ambitious, Shireman says the Dean proposal strikes at the "fear" that accompanies the now complicated financial aid process.

According to a new study by the College Board, the annual costs for a year at a public university are $10,636. The fees for private schools are more than double that amount. Last year, American students received an average of $9,100 in financial aid, much of it loans. While Dean campaign staffers emphasize that the policy is intended to appeal to voters under 30, analysts point out that it stands to draw support from a much larger pool, that of poor and middle-income parents whose kids aren’t yet in college. That group includes the families of nearly 2 million Latino children expected to start college in the next decade.

Starting this year I get a FULL tax credit for the amt I pay each year in college tuition. This tax credit goes against my ordinary income so for example 50k-4500 tuition I am taxed at 45.5k and can possible retreive all of that in my return (yeah for me I earned it)... This tool is a radical who would like to repeal the tax cuts which is creating jobs NOW I just don't get it, where would he like to take the money from to pay for his social programs???

Oh I forgot he would cut military spending. What good are college educations if we are all annihalated from a terrorists?? YEAH that makes perfect sense Dean...

Someone should tell this commie that jobs create income tax revenue and the last place it should be put is massive ineffiecent social programs.. Does this asshole realise if College was free noone would take it seriously? What we need is job growth to create local income tax revenue so state universities can receive more funds from state govt to lower tuition costs.... I really think liberals were out smoking pot when it was time for economics class...

[mrmatas2277]

Originally posted by mr mahs

Does this asshole realise if College was free noone would take it seriously?

i agree with most of ur comment...except this...in Denmark (i believe) education is free...and they are pretty well educated people...

[marksimons]

in the UK university was free until recently.

you got a grant to go, now we get a loan.

the american education system is a bit like the health service...

free education is an interesting one, as education is inevitably a political tool - see condi rice cutting classes at harvard? was it or something for 'budgetary' reasons... yeah...

free education is a concept I like. it goes like this.

*gasp* we all benefit from having educated members of society, i.e. for our doctors, our social workers, our scientists etc etc, we all benefit in one way or another, therefore it makes sense to help anyone who wants education.

education is vital long term in this new technology socity of ours.

anyway, as I said, for a very long time we had free education right through university here in the UK and it seems good.

interestingly when I was in europe speaking with young liberals - which means not just social but economic liberals who are more like young republicans, thought we were crazy left wing nutters for saying we ideologically opposed the notion of paying for education...