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September 21, 2016

Schumer opponent calls for end of federal student loans

SOURCE: Politico

Sen. Chuck Schumer’s Republican opponent, Wendy Long, released plans on Wednesday to address New York’s ballooning college debt by phasing out federal student loans.

Long seized on a state comptroller report released Tuesday that found the total student loan debt in New York increased to $82 billion in 2015 from $39 billion in 2005.

“The underlying problem, of course, is the huge federal subsidies being shoveled at higher education,” she said in a release. “They are like shoveling coals onto a fire, fueling higher tuition rates into what has now become a raging bonfire.”

Long outlined a three-prong plan to reduce that debt, starting with passing a law requiring colleges to refund students and recent grads any tuition that exceeded 1996 rates, adjusted for inflation. She said universities can trim their budget and tap their endowments to offset the loss of tuition money.

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