The Vice Presidential Contenders' Different Views On Student Debt

Student loans serve as an essential part of America's overall financial landscape. Politicians discussing these financial matters that relate to the people, and our understanding of their stances, are absolutely vital when looking at the whole picture of future policy-making.

Joe Biden, the current Democratic nominee for President, has put forward an unprecedented proposal relating to student loan forgiveness. In this context, all eyes are on the Vice President candidates, due to Biden’s age and the speculation that he may only serve one term.

It is widely agreed that the new Vice President’s stance on student loans will have a profound effect on student loan policy for decades to come. Here is an overview of the varied opinions of the potential future Vice Presidents on the topic of student loans.

Kamala Harris

Besides being a very charming and powerful politician, Kamala Harris has a voice for every single aspect that plays a major role in the development of the nation. She served as the Attorney General in California during her early years and later established herself as a leader. Her struggle for shielding students against the agendas of for-profit schools has made a significant impact. 

She established a name for herself after she sued one of the biggest educational chains for alleged fraud. She is also known for supporting free college establishments and helping students in many different aspects. Harris played a significant role in the "College For All" act in 2017 and even sponsored the Debt-Free College initiative. 

Harris came up with a proposal called 'student loan forgiveness plan' in the wake of canceling student loans up to $20,000, to uplift the economic situations of underserved communities. 

Elizabeth Warren

Sen. Elizabeth Warren, also a strong candidate for Vice President, has always been a very consistent and reliable supporter of student loans. She was of major help in the process of establishing the CFPB to overcome the financial crisis of the year 2008. This establishment helped in protecting consumers from fraudulent financial institutions. They even went about suing some of the biggest financial institutions for illegal practices.

Warren has been an active participant in the fight for lowering the interest rates of student loans.

She was one of the first politicians who supported the idea of student loan forgiveness and proposed cancellation of loans up to $50,000. 

The proposal was tax-free, and many students would have benefited from it. The plan even allowed refinancing at lower interest rates. Warren feels so strongly about the topic of student loans that she has said she would have overridden the congressional legislation to bring the loan forgiveness plan into action.

Stacey Abrams

Stacey Abrams is known for running for governor in 2018 in Georgia. Many believe that she could be a strong candidate for Vice President. She is known to be very energetic when it comes to her thoughts and actions. For example, her voice on voting rights has always been appreciated. 

Abrams has not come up with any solid proposals for acts or policies with regard to student loan debt. This is mainly because she has very little experience in Congress. Her 100 million USD plan during the governor elections to make Georgia better for its people made headlines and was talked about extensively. 

Abrams has a unique place in this list, as it is believed that she owes up to $170,000 in student debt herself. This fact will better support her candidacy as she could be presented as a leader who relates to the people on a personal level.

Amy Klobuchar

Sen. Klobuchar hails from Minnesota and is considered a top pick for Vice President. The major reason behind this is her mid-western origin. Experts say that she can overpower Biden with this advantage.

Klobuchar has been quite neutral about the topic of student loans. She was never an advocate of complete loan forgiveness, as proposed by many. She has been vocal against Warren's proposal but has not made any comment on Biden's proposed plan on student loan forgiveness. 

Instead, she gave a proposal of letting loan borrowers refinance at a low rate of 3%, which will be beneficial. Also, she has had some say in the concept of free college to some extent. Her ideas were mostly surrounding community colleges, though. Unlike some other politicians on this list, she has always had a neutral voice on the idea of loan forgiveness and free college.

Bottom Line

The views on advocating free college and imparting student loan forgiveness differ from one candidate to another. Not only will the new Vice President shape the future of student loans and debts, but the thoughts of these leading contenders will have a considerable effect on their candidacy.