An estimated 44 million Americans between the ages of 18 and 29 will be eligible to vote in the upcoming election, according to Rock the Vote. Of those 44 million, 17 million are voting-age college students, a large percentage of whom have ranked college costs and worries about student loans and their ability to pay for their education as among their top concerns. As a result, both McCain and Obama have made it a point to address issues of concern to college-age voters.
Both presidential candidates support increases in federal Pell grants, arguing for Pell grant award amounts that better keep up with the rising costs of college. As U.S. senators, McCain and Obama both voted in favor of the College Cost Reduction and Access Act last fall, which increased the maximum Pell grant award from $4,050 to $5,400.
While federal Pell grants target the neediest and lowest-income students, McCain and Obama have also attempted to address the needs of a college student population at large -- the 18 million students who enroll in college each year, and the 7 to 9 million who apply for federal financial aid.
Obama would like to see a scaling back of the Federal Family Education Loan Program (FFELP), which allows borrowers to take out their federal parent and student loans from a third-party private lender and is currently used by the majority of families who rely on federal college loans to help finance their children's college education.
Instead, Obama has thrown his support behind the Federal Direct Loan Program, through which parents and students obtain their federal college loans directly from the Department of Education. Obama contends that the Federal Direct Loan Program is a less costly option for both borrowers and taxpayers, since the government isn't required to pay subsidies to third-party lenders as in the FFEL program.McCain, on the other hand, backs an expansion of the FFEL program.
Both McCain and Obama propose additional financial help for those students who participate in public service programs. McCain wants to expand the Teach for America program, which places college graduates in low-income school districts after an accelerated teacher-certification process.
Obama, for his part, has outlined a plan for a $4,000 education tax credit as part of his American Opportunity Tax Credit program. To qualify for the tax credit, a student enrolled at a public college or university must complete 100 hours of public service.
Two additional proposals round out Obama's higher education platform: a simplification of the Free Application for Federal Student Aid (FAFSA) and a community college partnership initiative.
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