CHARLES PRITCHARD
Staff Writer
The burden of student debt is one of the biggest issues faced by Americans today. Across New York State, the average student graduates almost $28,000 in debt, while the nationwide total has passed 1 trillion dollars. However, New York’s own Sen. Charles E. Schumer is introducing legislation to help make college more affordable.
The “Reducing Education Debt Act,” or “RED Act” for short, features legislation from Sen. Elizabeth Warren, Sen. Patty Murray, Sen. Tammy Baldwin and other Democrats all designed to reduce the staggering costs of a college education.
Schumer discussed his plans in a conference call with college newspapers across the state.
“It makes me sad and angry to think about this,” Schumer said. “College is supposed to create a lifetime of opportunities, not a strain of debt.”
The RED Act is being written to have four major components.
First, it will allow student loan borrowers to refinance their loans at lower interest rates. Those with private loans will also have the opportunity to refinance them into the federal program, thereby receiving lower rates.
Second, new students entering college will be able to receive two years of community college tuition-free. Academic programs would be ensured as transferable to other in-state, four-year institutions. If implemented, states would receive $3 for every dollar they spend funding community colleges from the federal government.
Third, Pell Grants will be tied to the Consumer Price Index, ensuring that they go up with every year to match rising prices and inflation.
Lastly, colleges will be urged to start to making sure their costs do not go up.
Schumer emphasized that students must play a pivotal role in ensuring this legislation becomes law. The hastag “#InTheRed” is central to the campaign in an attempt to spread word of the RED Act across social media channels.
“We need you to help us. We need our students in New York and across the country to email, to blog, to tweet, to petition and to write their senators and congress and say, ‘Support the #InTheRed campaign. No excuses, no ifs ands or buts,’” Schumer said.
As the struggles of college debt have become a central issue in the 2016 presidential election, students everywhere are more than aware of the difficulties they expect to face. Many students expressed anxiety about their future after graduation.
“I think I’m pushing upwards around 20 grand,” junior criminal justice Shawn LaBadie said. “It’s a safe bet at this point.”
Despite receiving family assistance in his first few semesters, senior theater major Teddy Blair has been paying for college entirely with loans ever since. He called the RED Act “a good step in the right direction.”
“Trying to make college more accessible to everyone is always a good idea,” Blair added.
LaBadie said that he too is supportive of Schumer and other Democrats in their attempts at passing the legislation, and expects many others to feel the same.
“I think it’s a great opportunity to eliminate debt, so I’ll push for it. And I know there will be a lot other supporters,” he said.