College Affordability under the Republican Plan

See the Impact

For the first time ever, Americans owe more debt on student loans than on credit cards—a total in excess of $1 trillion. If Congress doesn’t act by July 1st, more than 7 million students who rely on federal student loans will see their interest rates double from 3.4% to 6.8%. President Obama is calling on Congress to keep interest rates low, and save these students an average of almost $1,000 over the life of that loan.

Total Student Loan Debt Nationwide 1
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Sources:

President Obama

Mitt Romney

Fighting to keep interest rates on federal
student loans low

Supports the Ryan budget that would let interest rates on federal Stafford student loans double—even as he claims to want to maintain low rates

Doubled our investment in Pell scholarships, helping an additional 3.7 million students a year have access to an affordable college education

The Romney-Ryan budget would also slash Pell scholarships costing the average student nearly $1,000 per year

Created the American Opportunity Tax Credit worth up to $10,000 over four years of college

Would end the American Opportunity Tax Credit

Capped federal student loan payments at 10% of monthly income, helping 1.6 million students as soon as this year

Recently told students struggling to afford college that they should simply "shop around"

Saved taxpayers billions by cutting out bank subsidies from federal student loan programs

While governor of Massachusetts, public university costs almost doubled and he cut funding for community colleges, where in 2006 tuition was 59% higher than the national average