Higher education is becoming important as the 2024 presidential election draws nearer. Vice President Kamala Harris and former President Donald Trump each offer a different vision for the future of American higher education and have their ideologies for addressing college affordability, student debt, and educational standards.
Don't Miss:
- The average American couple has saved this much money for retirement — How do you compare?
- Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you.
Kamala Harris: Free Community College and Debt Forgiveness
Harris has long championed making higher education more accessible and affordable. As a U.S. senator, she co-sponsored the College for All Act of 2017, which proposed eliminating tuition at public community colleges and offering free tuition to public four-year colleges for families earning less than $125,000 annually.
Though the proposal didn't pass, Harris continues to champion similar initiatives. Her recent budget proposal includes plans for free community college, continuing the Biden administration's efforts in this area.
Trending: Will the surge continue or decline on real estate prices? People are finding out about risk-free real estate investing that lets you cash out whenever you want.
Harris has also demonstrated a commitment to relieving student loan debt. Under the Biden-Harris administration, $168.5 billion in student loan debt has already been forgiven.
Harris recently posted on X, "@POTUS and I have canceled nearly $170 billion in student debt for almost five million Americans. We are also fighting to defend our SAVE Plan, which has lowered payments for millions of Americans. We won’t stop fighting to build an economy that works for every American."
Donald Trump: Free Online University and Workforce Training
Contrasting Harris's plans, Trump has focused more on alternative solutions to higher education. One such proposal is a free online university, "The American Academy." This university aims to provide an education devoid of what Trump describes as "wokeness" and political bias. It would also offer various degrees and other workforce training opportunities, such as mentorships, industry partnerships, and training in skilled trades.
See Also: The number of ‘401(k)' Millionaires is up 43% from last year —Here are three ways to join the club.
Trump said, "Under the plan, I'm announcing today (Nov. 1, 2023), we will take the billions and billions of dollars that we will collect by taxing, fining, and suing excessively large private university endowments, and we will then use that money to endow a new institution called the American Academy."
Trump has publicly expressed his opposition to widespread debt forgiveness for student debt, stating that it "would have been very unfair to the millions and millions of people who paid their debt through hard work and diligence." However, during his presidency, Trump did take steps to ease debt relief for veterans with severe disabilities.
Balancing Perspectives
Harris's and Trump's opposing views give voters a clear choice on how to approach higher education. Harris advocates for greater accessibility and debt relief to support students and families, while Trump focuses on alternative, vocational, and less traditional educational models and expresses skepticism toward established higher education institutions.
The debate surrounding these proposals will likely intensify as the election draws closer. If you are currently navigating the complexities of higher education financing, it's important to consider how each candidate's proposal could affect higher education and personal finances. Consulting a financial advisor can offer personalized insights into how these policy differences might impact your educational and financial planning.
Ultimately, the decision between Harris's progressive educational reforms and Trump's alternative approaches will influence the future of American higher education. Staying informed and prepared will be crucial as we adapt to these changes.
Read Next:
- Founder of Personal Capital and ex-CEO of PayPal re-engineers traditional banking with this new high-yield account — start saving better today.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
