Martin O'Malley: Let’s relieve college students of the burden of debt
by MARTIN O’MALLEY
My father, Tom O’Malley, a World War II bombardier, went to college only because the far-seeing investment our country made in the GI Bill. America’s generosity allowed my dad to become a lawyer, start a family and raise his kids to believe that if we also worked hard and gave back, we too could achieve the American Dream.
Today, our kids aren’t getting the same bargain. The vast majority of our students – 70 percent – are graduating with debt. In New Hampshire, they’re carrying the highest student loan loads in the country, averaging more than $32,735.
This is a crisis. Instead of starting a family or a business, or putting down a payment on a new house, young New Hampshirites are struggling to keep up with student loan payments and stave off default.
That’s why I recently came to New Hampshire to unveil my comprehensive plan for making college debt-free within five years. Under my plan, every student in America would have the option of going to an in-state public college or university without relying on loans.
Here’s what we need to do to get there.
First, we must tackle the $1.3 trillion pile of student debt we already have. Congress should allow students – and their parents – to refinance their existing loans at today’s lower interest rates. All student borrowers should also be automatically enrolled in income-based repayment plans, which cap minimum monthly payments at affordable levels.
Second, we must rein in skyrocketing tuition rates. States have slashed investments in higher education by 20 percent per pupil since 2008, and passed along 80 percent of the costs to students through higher tuition. This has put the cost of college out of reach for many families. In New Hampshire, tuition at a local public college or university now costs 23 percent of the state’s median income.
As president, I would set a national goal of reducing tuition rates at public institutions down to no more than 10 percent of a typical family’s earnings in a given state. I would call on all states to start by immediately freezing tuition rates. To encourage states to act, I would offer federal grants to match the additional funding invested by states to make college more affordable.
Third, I would ensure that students who need it get help covering the cost of room and board, which now more than doubles the price tag of a four-year degree. This means expanding Pell Grants and state grants based on financial need, and tripling federal work-study programs.
Finally, I would focus on ensuring that students graduate on time and move into the workforce. This can be accomplished through strategies that allow students to learn at their own pace and outside of the classroom; by improving college preparedness and credit-earning opportunities in high school; and by providing support for part-time and mid-career students on campus, like access to quality affordable child care.
I know this plan will work, because we did it in Maryland. During my time as governor, we froze tuition at public four-year institutions for four years in a row, while increasing state investments in higher education by more than 30 percent. We also took steps to make sure our high school students were graduating with a substantive degree, and with some college credit or technical training already under their belt. And we made college far more affordable for more families, nearly meeting the 10 percent of median income goal.
As a nation, we must make these same better choices. Access to a high-quality education in our country shouldn’t be determined by someone’s bank account, but by their talent and willingness to work hard to get ahead.
With new leadership and a comprehensive plan for action, we can make college debt-free for all who strive to earn a degree.
http://politics.concordmonitor.com/2015/07/opinion/my-turn-lets-relieve-college-students-of-the-burden-of-debt/
