Bankruptcy, Student Loans, and Presidential Candidates

The following information is from CBS News and summarizes the positions of Presidential candidates for 2020 and their stand on student loans and bankruptcy.

Michael Bennet (D)
Senator from Colorado

  • Supports free community college paid for with federal and state funding
  • Work towards debt free public colleges, by increasing aid for families who make up to 300% of the federal poverty level
  • Expand debt forgiveness for graduates working in high-need professions

Joseph Biden, Jr. (D)
Former Vice President

Michael Bloomberg (D)
Former Mayor of New York City

Pete Buttigieg (D)
Mayor of South Bend, Indiana

  • Wants to make college free for lower income families
  • Proposal supports state-federal partnership that make public tuition affordable for all and free for lower income families
  • Will combine this with large increases in Pell Grants that provides for basic living expenses and keeps up with inflation

John Delaney (D)
Former Maryland Congressman

  • Reduce the cost of student loans and provide more grants to help students from lower-income families
  • Introduced allowing borrowers to discharge public and private student loan debt in bankruptcy proceedings
  • Supports tuition free community college

Tulsi Gabbard (D)
Congresswoman from Hawaii

  • Co-sponsored House versions of Sander’s College for All Act
  • Wants to cut student loan interest rates for new borrowers in half and enable existing borrowers to refinance their loans

Amy Klobuchar (D)
Minnesota Senator

  • Supported College Cost Reduction Act that created a public service loan forgiveness and income based repayments
  • Supports the American Opportunity Tax Credit that allows student loan borrowers to deduct a decent amount of student loan interest on tax return
  • In support of expanding the Pell Grant
  • Plan includes letting current student loan borrowers gain eligibility to refinance their existing loans at lower rates of around 3%
  • Wants free tuition for community colleges

Deval Patrick (D)
Former Massachusetts Governor

  • Has not outlined a formal education plan
  • In an interview with CBS, Patrick said he supports eliminating or reducing student debt

Bernie Sanders (D)
Vermont Senator

  • Supports free and debt-free college
  • Debt free proposal includes eliminating tuition at public colleges and universities for people of specific household incomes
  • Wants to increase Pell Grants for low income
  • Plans to increase federal work study opportunities for students and reduce cap interest rates
  • Supports borrowers being able to refinance student loans at lower rates

Tom Steyer (D)
Philanthropist

  • Wants the right to a quality education guaranteed under the Constitution
  • Two years of free college
  • Refinance student loans at lower rates
  • Forgive student loan debt for teachers and other public servants

Donald Trump (R)
President of the United States

  • Force colleges to limit tuition increases by limiting student loan borrowing
  • Simplify the student loan repayment process
  • Increased access to Pell grants over Summer and Winter breaks

Elizabeth Warren (D)
Massachusetts Senator

  • Co-sponsor of the 2018 Debt Free College Act
  • Supports free tuition for all at public colleges
  • Plans to speed up the debt forgiveness process by using executive authority
  • Wants to cancel up to $50,000 in debt for anyone with a household income under $100,000
  • People who earn more would be able to get a smaller amount of their debt cancelled

Bill Weld (R)
Former MA Governor

  • Allow for renegotiating of student debt
  • Increase focus on online education

Andrew Yang (D)
Former Tech Executive

  • Plans to implement a 10×10 student loan emancipation plan
  • This plan would provide student loan forgiveness for anyone who dedicates 10% of their salary for 10 years of repayment
  • Supports reducing inflated cost of colleges and wants to ensure the government can’t profit from student loan debt

Have questions regarding bankruptcy? Contact Attorney Alex Hernandez for your free consultation. Flexible appointments including Saturdays.

Attorney Alex Hernandez

Representing clients in the areas of Chapter 7 Bankruptcy, Family Law/Divorce, and car and motorcycle accidents for 20 years. (904) 712-5565 or (305)-688-LAWS (5297). *Se Habla Español

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