Hillary Clinton Plan: $25 Billion for HBCUs
Hillary Clinton revealed her “New College Compact” plan, a $350 billion proposal that promises to ease the cost of higher education and reduce student debt.
“Imagine what is possible in America if we tackle the runaway costs of higher education, make sure that students who start college can finish with a degree, and relieve the crushing burden of student debt: families that can send their sons and daughters to college, graduates who can buy homes and start businesses without being held back by loans, and student parents who can balance the costs of quality child care with returning to school,” an announcement posted to Clinton’s website say. “We will see incomes rise and ensure Americans get ahead and stay ahead.”
The proposal also includes provisions specifically meant to aid HBCUs, including a dedicated $25 billion fund to provide support to private HBCUs. The provision will target low and middle-income students and helping them build the skills they need to thrive in the American economy.
Regardless of their public or private status, Clinton’s plan also proposes the following for all HBCUs:
- Significantly cuts the interest rates that students pay on any loans they take out so that the government never profits on the loans.
- Enables students with debt to refinance their loans at low current rates.Parents with PLUS loans will also be able to refinance at current rates.
- Extends the American Opportunity Tax Credit with its $1,000 refundable credit to low-income families sending their sons and daughters to these schools.
- Ensures that parents who borrow through the Parent PLUS program will not have to take out such high levels of debt in order to send their children and grandchildren to these schools.
- Enables students never to have to repay more than 10 percent of their monthly income.
- Builds on programs such as TRIO and GEAR UP to invest in student support, including child care for students who are parents, to help all students stay in school and boost completion.
Click here for the full proposal.