It is important to stay up to date on the Higher Education proposals from the candidates of the 2020 election. As full plans are available, we will share highlights as well as a link to the full plans of each candidate. NASFAA has also compiled a website dedicated to following the positions of the presidential candidates, available at www.nasfaa.org/2020.
The Biden plan for education beyond high school is a $750 billion investment intended to grow a stronger, more inclusive middle class. Biden’s plan outlines that it will be paid for by adjusting the current tax laws to eliminate the stepped-up basis loophole and cap the itemized deductions the wealthiest Americans can take to 28%, according to Biden’s website.
There are many aspects of Biden’s “Education Beyond High School” proposal. To view the full plan, visit Biden’s website: joebiden.com/beyondhs. Below are a few highlights from
- Make two years of community college or other high-quality training program available to students tuition-free. This plan will be a federal-state partnership, with the federal government covering 75% of the cost and states contributing the remaining obligation. The Biden Administration’s community college initiative will be a first-dollar program, meaning that students will be able to use their Pell grants, state aid, and other aid to help them cover expenses beyond tuition and fees.
- Double the maximum value of Pell grants to target additional financial support to low-income and middle-class individuals. Biden also plans to ensure DREAMers are eligible for financial aid if they meet other requirements for that aid and restore formerly incarcerated individuals’ eligibility for Pell.
- Implement a new student loan repayment program. The new program would allow individuals making $25,000 or less per year to not owe any payments on their undergraduate federal student loans or accrue any interest on those loans. Everyone else will pay 5% of their discretionary income over $25,000 toward their loans.
- Create a new Public Loan Forgiveness Program. Biden will create a new, simple program which offers $10,000 of undergraduate or graduate student debt relief for every year of national or community service, up to five years.
- Make Historically Black Colleges and Universities (HBCUs), Tribal Colleges And Universities (TCUs), and under-resourced Minority-Serving Institutions (MSIs) more affordable for their students. The Biden plan invests $18 billion in grants to these four-year schools, equivalent to up to two years of tuition per low-income and middle class student, including DREAMers and students who transfer to a four-year HBCU, TCU, or MSI from a tuition-free community college.
Sources:
The Biden Plan: Education Beyond High School
NASFAA Presidential Candidates’ Higher Education Proposals