O’Malley racked up $339,200 in collage loans for his kids. He wants to lighten the load for others

[Raine1967]

http://www.washingtonpost.com/blogs/post-politics/wp/2015/07/08/martin-omalley-racked-up-339200-in-loans-putting-two-kids-through-college-he-wants-to-lighten-the-load-for-others/

O’Malley, who plans to detail his plan during a morning event in New Hampshire, will call on states to freeze tuition rates at public colleges and universities -- as Maryland did for four years -- and propose other measures that would help those carrying debt.

Under O’Malley’s plan, a copy of which was shared with The Washington Post, students and parents would be able to refinance their debt at lower interest rates. And O’Malley would base the repayment terms for student borrowers on their income upon graduation.

For the long term, O’Malley says he would set a goal of limiting college tuition to 10 percent of a state’s median income at four-year institutions and 5 percent at two-year institutions. Federal matching grants would help states that participate in reaching the goal.

Under his plan, O’Malley would also increase Pell Grants and revamp federal work-study programs to help cover non-tuition costs, such as room and board.

Aides declined to spell out the cost of O’Malley’s initiatives but suggested they could be paid for by measures such as closing corporate tax loopholes and taxing capital gains at the same rate as earned income.

[bigtree]

1. k&r!

[FSogol]

2. K & R. n/t