Team OneVote: Considering Student Debt

By Karolyn Eilersten 09.25.2012 blog

Like many young adults, the number one questions on my mind is “how am I going to pay for college?!”

Financial restrictions for college can leave a student feeling very dis-empowered. However, there is one thing that young adults can do: vote for the candidate that has an excellent financial plan for American students.

In 2009, Obama enacted ?income-based repayment,? letting monthly borrowers adjust their student loan payment to 15% of their income per month. This way a student loan payment adjusts to one?s lifestyle, meaning a person can select a job because it suits him or her rather than strictly accepting a job so one can pay off debt.

Romney has taken a different approach to student loan debt. Rather than capping student loan rates, Romney focuses on re-building the economy which later will provide a graduating student with a job to pay off his or her debt, regardless of what his or her income may be.

Personally, I appreciate Obama?s desire to address student loans. His plan also forgives loan debt after twenty years or after ten years if a citizen chooses to work in public service (i.e. teacher, police officer). What a great way to encourage American youth to follow their occupational dreams!

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