HEMPSTEAD, NY VOL. 81 Issue 11
The Hofstra
Chronicle
Tuesday February 23, 2016
KEEPING THE HOFSTRA COMMUNITY INFORMED SINCE 1935
Sen. Schumer launches #InTheRed Campaign Campaign and legislation aim to make college debt-free for all students
By Michael Ortiz NEWS EDITOR
With 40 million people owing over $1 trillion in student loan debt, N.Y. Sen. Chuck Schumer and other Senate Democrats launched the #InTheRed campaign in conjunction with the Reducing Education Debt (RED) Act, which aims to make college debt free. The Chronicle participated in a conference call with Sen. Schumer on Feb. 11 to find out more about the initiative. “The bottom line is, the issue of college affordability and student debt affects you, affect your peers and they affect our future [and] the future of the country,” Sen. Schumer said. According to The Institute for College Access and Success (TICAS), “Seven in 10 seniors
(69 percent) who graduated from public and nonprofit colleges in 2014 had student loan debt, with an average of $28,950 per borrower. Over the last decade – from 2004 to 2014 – the share of graduates with debt rose modestly (from 65 percent to 69 percent) while average debt at graduation rose at more than twice the rate of inflation.” According to College Scorecard, a service of the U.S. Department of Education, Hofstra seniors graduate with an average of $23,900. The Chronicle conducted a twitter poll that asked Hofstra students how much debt they expect to graduate with. The poll garnered 127 answers, 41 percent of which say they will owe over $50,000, 23 percent say between $20,000 and $50,000, 16 percent say less than $20,000 and 20 per-
cent say they will be debt free. Sen. Schumer believes that in order for young Americans to be successful, the amount of student debt must dramatically decrease. “Student loan debt has become a burden on the shoulders of millions of young Americans and [it’s] holding back their ability to pursue their passions, live a comfortable lifestyle, or achieve the American dream,” Sen. Schumer said. “College should create a lifetime of opportunities, not a life sentence of debt and financial strain.” Zachary Brunacini, sophomore biology major, was taken aback by the amount of debt students across the country are burdened with. “Obviously if there’s $1.3 trillion of debt there’s a problem. If that many people owe a significant amount of money than there needs to be some sort of program
to help them out to either forgive it, or at least reduce it so it’s more manageable,” he said. Sen. Schumer explained the multipronged approach that the RED Act is proposing in order to tackle the issue of surmounting college debt. First, the legislation would allow students to refinance their loans at lower interest rates. “It is amazing that the federal government charges people six, seven, eight, nine percent on student debt, when the interest rates are three percent. The federal government should not be making a profit on the backs of our students, who are the future of America.” The provision means that people in college currently and those who have already graduated and are still paying their loans off would save thousands of dollars in
Hofstra Tuition and Fees 10-year trend
increase in the cost of tuition and fees at Hofstra University from the 2005-06 academic year to the 2014-15 academic year. The values for the first six years come from Hofstra’s archived bulletins. The values for 2011-12 to 2014-15 was collected by the National Center for Education Statistics. The data shows a roughly 70 percent increase in the cost of tuition and fees
Cost of Tuition and fees
The bar graph pictured shows the
over the span of the 10 years represented. The values shown do not include the cost of room and board.
Academic Year
repayments. The second part of the legislation would make two years of community college free for incoming college students. “Helping students earn associate degrees, or start the path to a bachelor’s degree, and gain the skills they need to succeed in the work force without having to take on crippling debt,” Sen. Schumer said. Brunacini thought that this part of the proposal would offer a more practical solution for students from low-income families. “The first two years are usually prerequisites, so for a lot of people, being able to go to a community college for free would help a lot because then they could go on to a university
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