Candidates’ Plans To Reduce College Costs

Between tuition, gas prices, and the overly expensive textbooks, many students are unable to afford an education without the aid of financial assistance or student loans. Based on both Barack Obama’s and John McCain voting records, neither candidate presently have college education for the masses as a top priority. Even so, neither of the candidates entirely neglects the subject.

Since he became a Senator in Illinois, Barack Obama has been pushing for an increase in federal Pell Grant Awards to help students pay for college. The first bill that Obama introduced into the Senate was to help make college more affordable and to increase the maximum Pell Grant from $4,050 to $5,100.

This bill, called the College Reduction and Access Act, was signed into law by George W. Bush on September 27, 2007. As a result, the act lowered fees and cut the interest rates for student loans down to 3.4%. It will also increase Pell Grant Awards from $4,310 in 2007 to $5,400 by 2012. Even though he co-sponsored it, Obama never voted on the final passage of the bill.

According to USA TODAY, McCain generally backs greater federal funding for Pell Grants and government low-interest loans to help students afford college. Contradictory to this, records show that McCain voted against the College Cost Reduction and Access Act during the final voting phase. He has also opposed increasing Pell Grants and restoring cuts to student aid, while supporting restricted eligibility for student aid.

Obama plans to establish an American Opportunity Tax Credit if he becomes the next president. This universal and fully refundable credit will ensure the first $4,000 of college education is completely free for most Americans. He also plans to simplify the application process for Financial Aid, by allowing families to simply check a box on their tax form and eliminate the need for a separate filing application.

McCain doesn’t have any detailed provisions for making college more affordable for the average student if he’s elected into office. Most of his educational concerns are focused on the quality of grade schools.