Stabenow tells Michigan students 'debt-free college' is the goal

Stabenow tells Michigan students 'debt-free college' is the goal | MLive.com
ANN ARBOR, MI — U.S. Sen. Debbie Stabenow told a group of University of Michigan students on Wednesday college students should be able to graduate without student loan debt, and she's introducing legislation to move toward that goal.
"It is incredibly important that we finally fix what's happening here in terms of the cost of college," she said.
Stabenow brought the national discussion around college affordability to Ann Arbor as she met with about two dozen U-M students inside the Michigan League.
Earlier in the day, she met with students at Wayne State University.
The senator is trying to drum up support for her #InTheRed campaign to reduce the burden of student loan debt for college graduates.
Stabenow is an author of the Reducing Educational Debt Act, also known as the RED Act, which is expected to be introduced in the U.S. Senate soon.
She said it would allow student loan borrowers to refinance high-interest loans and lock in rates offered to new borrowers in 2013-14, which means 3.86 percent for undergraduates, 5.4 percent for graduate students and 6.4 percent for parents.
...The RED Act also would create new federal and state partnerships to make community college and other technical college programs free for eligible students, waiving tuition fees for two years.
She said that would be accomplished by having the federal government put in $3 for every $1 a state invests.
If every state participated, Stabenow estimates some 9 million students would enjoy free community college or technical training programs.
The RED Act also aims to increase Pell grant awards, tying future Pell grant increases to inflation.
"We want those Pell grants to go up every year," Stabenow said.
Stabenow described the RED Act as step one in eventually getting to the goal of debt-free college, an idea that resonated with students on Wednesday.
...Stabenow said she doesn't yet have a price tag for her plan. 
She intends to introduce the legislation in a couple of weeks.
"We have to look at the total numbers," she said.
"But it will be completely paid for because we are going to be using what's called the Buffett Rule, Warren Buffett, recommending that high-income individuals pay at least a 30 percent tax rate, and by closing loopholes and companies taking their earnings offshore."...