By Nigel Walton, Social Media Coordinator
The biggest concern with going to college is the cost. With student loan debt on the rise how will this year’s presidential candidates handle it?
According to CNBC student loan debt has soared to more than $1.6 trillion. Since 2008, the cost of a four-year degree has increased by 25% and student debt has increased by 107%. The average student loan borrower owes around $32,000 in student debt.
According to CNBC during the 2019-2020 school year, the average cost of tuition fees, room and board was $21,950 for in-state students at public universities, $38,330 for out-of-state students at public universities and $49,870 at private non-profit universities.
The College Board estimates that college graduates with student loans leave school with $29,000 in debt.
“I think the loans should be significantly lowered, most college students usually don’t even get a job in their field and it makes it hard to pay off debt,” Cierra Lynn said, a 2019 spring graduate from Murray State. “I’m $60,000 in debt so like I’ll be paying my loans off my entire life and right now I live check to check and can’t even afford to pay on my loans.”
Lynn is currently a sales manager at David’s Bridal.
With the election being right around the corner President Donald Trump and Democratic representative Joe Biden have a plan to make payments and debt easier.
According to Student Loan Hero since the start of the coronavirus pandemic, Trump has temporarily suspended student loan payments with no interest accruing. Trump has also eased student loan forgiveness for disabled veterans and removed tax liability on those discharged loans. Trump also called for states to waive state taxes on loans forgiven through “total and permanent disability charge.”
“Trump is handling the student debt crisis fairly,” Bailey Strunk said, a junior in advertising at Murray State. “He has allowed relief for disabled veterans, wanting to eliminate subsidized loans which can benefit graduates majorly, canceling loans for students who got involved with unfair for-profit colleges, and has halted federal student loan payments due to COVID-19 for the rest of the year.”
Trump has also outlined a funding cut of 10% to the Department of Education in the 2020 budget plan.
“Trump has alright ideas but are too conservative and not widespread enough in my opinion,” Molly Ward said, a sophomore psychology major at Murray State. “He cut 10% of funding to the Department of Education but can find funding for a wall along our southern border. Trump’s values and actions show that student loan/debt and the education of America, both on a primary and secondary level, are not his main focus.”
According to the Murray State Fact Book out-of-state tuition at Murray State University for full-time students has increased by more than $4,000 for nonresidential students. In-State tuition has risen more than $1,000 since 2010.
“I do not pay out-of-state tuition; however I feel like the rate they are charged is not fair,” Emma Stovall said, a sophomore in engineering and graphics design at Murray State. “People should have the freedom to pick whatever college they want without the fear of what it would cost them.”
Democratic challenger Joe Biden is willing to forgive all student loans for borrowers who attended two- or four-year public colleges or universities and earn less than $125,000 per year. Biden supports making public colleges and universities tuition-free for students from families who make under $125,000.
“I know Biden is for free college if a family makes less than $125,000 a year,” Strunk said. “That may sound really nice, but sometimes the prettiest apples taste the worst.”
Joe Biden is willing to offer two years of tuition-free community college to students, both full-time and part time.
“As we all know, there is no such thing as a free lunch,” Strunk said, “Why does Joe Biden make it seem like everything can come free in life? When we were all raised by the saying `nothing is free in life.’”
Early Voting is between October 13th and November 3rd. Election day is November 3rd.
Story Process
The MKYGuide decided to do a story surrounding student debt just because of the climate we are in as college students. When you think of college, loans come to mind. So as a college student many vote for the candidate of their choice for different reasons, student debt being one of them.
I interviewed many different college students. All with different perspectives to it. I interviewed some athletes. Some having full rides, some being on partial. I interviewed regular everyday students. One being Bailey Strunk. She gave me many quotes to use about the topic. I used the ones that felt suited with the article.
The timing of the article was perfect since the election was weeks away. The information given in the article was timely and a must read. I reported fairly on both sides on what each presidential candidate would be doing in terms of handling student debt. I gave each candidates main solution to handling student debt and gave a link to where I got the information from.