Making College Debt Free

Decent Essays
The United States must pass legislation making college debt free as it will lead to an increase of graduates that will help the growing demand of higher educated job opportunities and it will also lead to the decrease of debt in the United States.
I believe making college debt free will lead to the increase in enrollment in public four year colleges as this legislation will be aimed at making four year public college debt free for low and middle income families. This legislation is known as the RED act which means Reducing Education Debt Act. The RED act focuses on making college debt free, allowing college loan borrowers to refinance loans at lower rates, and allowing Pell Grants to be acceptable to inflation. This legislation could potential
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Many college students have to weigh the cost of college and how much they will make is they graduated with a degree. In many cases the cost of college will outweigh how much they will make so they decide to not go to college and save money. In some cases as they try to get promotions or get a different job at different companies they will not be able to because they do not have a degree. While people are trying to get jobs without degrees people with less experience are getting jobs over them because they have a college degree. There is also many cases of students stressing out to much about their life after college and they end up dropping out of college without a degree and they will still have student debt and they won’t be able to get jobs that will pay them enough to support their family.
One way of making college debt free is to increase the Pell Grant spending. Increasing the spending on Pell Grants will raise the maximum Pell Grant to $1,300. This will allow student who don’t have the money to pay for college to get up to $1,300 to help with the cost of their schooling. The legislation will also make Pell Grant acceptable to inflation. This will make sure that congress will not have to come together and pick a maximum number for the Pell Grant to be each year. This will also make sure that everybody each year will get the same maximum
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The estimated cost of making college debt free depends on what how many people you plan to help. If the legislation only makes college debt free for low and middle income families then the estimated cost is around $30 billion per year. If you plan to make college debt free for everyone than the estimated cost would be around $70 billion per year. The legislation plans to pay for this by closing special interest tax loopholes. In the end I believe it will be more beneficial to make college debt free than not. I know the cost of making college debt free will be the biggest obstacle in making this happen. Many people will be against this because they don’t want more of their money they make going to the government and not know for sure what will happen with it. I believe that we are just going to have to believe that the government is putting all the money we are giving the government for making college debt free is actually making college debt

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