Post Classifieds
With election looming, student debt a concern
By Katie Anderson
On October 17, 2012
With the nation-wide student debt crisis reaching over $1 trillion, students are looking to the upcoming
presidential election to bring about change and reduce the cost of higher education.
"They need to make things more affordable for the average student, because a lot of students pay for
their own education," said Alexandra Hughes, a commuting freshman from Buffalo. "It's hard to pay for
everything."
Students paying for their own education is something Mitt Romney doesn't fully understand, said Matt
Hoenes, a senior in the Political Science Department .
"Romney said in Ohio that we should borrow money from our parents," he said, "but not everyone has
rich parents to loan them money for school."
Hoenes, a member of the Student Political Society, said that Obama better understands the situation
and can deal with the issue more effectively.
"Obama has taken steps to eliminate the middle man, or private institutions, and make it between the
government and students," he said.
Although he does not plan to increase Pell grant awards or offer any federal money to help students pay
off their loans, Romney said his focus is job creation for students so they will have an easier time paying
back their loans, reported the Huffington Post.
President Obama's student loan reform plan, "Pay As You Earn," gives some students a break by making
10 percent of monthly discretionary income the cap on monthly federal student loan payments.
Both candidates agreed that the discounted interest rate on subsidized federal loans should be
extended at 3.4 percent, reported the Huffington Post.
Mark Petrie, associate vice president of Enrollment Management, said it's difficult to say which
candidate is better than the other when it comes to student debt.
"It's not like one candidate can produce more money toward higher education," he said. "There's a
limited amount to go around, so it's really a strategy on where you think education will best impact the
economy long-term."
Petrie said that Obama has put more focus on two-year programs and institutions, which would make
associate's degrees more attainable for people.
"I agree with President Obama that we have to produce more college-educated graduates," Petrie said.
"The market is saying that we need them."
Although both candidates claim an interest in reforming the student debt crisis, recent policy changes
have proved negative for both graduate and undergraduate students. The Consolidated Appropriations
Act of 2012 eliminated the grace period for undergraduate students, said Connie Cooke, director of the
Financial Aid Office.
The Budget Control Act of 2011 not only made subsidized loans not available to graduate students, but it
also eliminated the interest rate rebates, Cooke said.
Petrie said that the way education is delivered could have a greater impact on reducing student debt
than actual policy changes may. He said initiatives such as free online courses provided by private
institutions, as well as tests to see if students actually need the courses they are paying for, could save
students money.
"I'm not sure with the way we deliver education today that a policy is going to have that big of an
impact, because tuition is going up and the ability to pay is going down," he said. "So if it's delivered the
same way, how are you going to close that gap without putting in more federal dollars, and there's none
to be put in."
Until policy or delivery changes are made to reduce student debt, however, Petrie said that there are
steps students can take to reduce the cost of their own education.
"Students should fill out the FASFA," he said. "Even if you don't think you'll be eligible for any grants,
you're still eligible for federal direct loans. In most cases those interest rates are lower than anything
you're going to get on the open market."
Petrie also said students should explore scholarship opportunities, see a financial aid advisor and even
attend financial aid workshops to better understand their financial situation and learn how to improve
it. Students should borrow conservatively by not borrowing the full amount of a budget.
"What I hear from most students is that the budget we provide is more than what they need," he said.
"So, there's really no need to borrow that amount of money."
Hoenes said that student debt is a "shackle" that prevents our generation from reaching the success we
aim for.
"State educations, even beyond high school, should be free because higher education raises the
standard of living," he said. "Students of this generation will one day form the background of this
country, and Obama understands that."
Katie Anderson can be reached by email at anderson.record@live.com.
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