Issue Position: High Quality Public Education and Affordable College

Issue Position

From kindergarten to college, education is the key to securing a strong economic future for Minnesota. When I'm elected to Congress, I'll prioritize funding for public education and ensure that our teachers have access to the resources they need to be successful. I also will push to fully fund special education so that every child with a disability has the accommodations they need to learn and grow.

One of the biggest issues facing families in our district is the burdensome cost of higher education. 70% of Minnesota's college graduates have taken on some form of debt in order to complete their education, with the average price tag amounting to $31,579. That kind of debt causes our young people to delay major milestones, like buying a home or starting a family. Not only is it bad for our graduates--it's bad for the economy.

In order to stay competitive in the global economy, we must build an affordable higher education system. One way we can do this is by strengthening Pell Grants. If Pell Grants were indexed to keep up with the rising cost of college, 9.2 million students would see an increase of $1,300. We also must allow students to refinance their debt at lower interest rates.

The private sector should be part of the solution, too. Across the board, we're seeing more employers offer a new perk: student loan reimbursement. By making student loan payments part of a benefits package, companies aren't just helping their recruiting and retention efforts -- they're helping grow the economy. Congress can help more companies do right by their employees by incentivizing student loan reimbursement with a business tax credit.

We need to take a closer look at why students are defaulting on their loans. While the problem hardly exists in other countries, 7 million borrowers in the United States are in default. In our country, the typical repayment period is just 10 years. Most international student loan experts are shocked by how little time American students are given to pay down their loans. However, in countries where the life of the loan is longer, students are far less likely to default on loans. Instead, they can begin building a life and contributing to the economy early in their careers. A core tenant of finance is that the length of debt payments should align with the life of the asset --student loans shouldn't be an exception to that rule.

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