In talking about things like higher education and college affordability. It is important to talk as straight as possible and be as factually correct as possible and not say things like. How do we pay for a free college education for everyone because unless just a certain population. Of the country is paying for this free education for everyone else. It is not free right because we would all be paying for someone else’s college education if it is run. By government that gets it resources from the people they are supposed to serve. I’m in favor of creating a universal higher education system meaning that all Americans who graduate from. High school and is academically qualified to go to college meaning they have the intelligence and education to. Do well in college would be able to go to college if they choose to or go into the military. Or go to a vocational school regardless of the income level of their parents. That everyone in America whose qualified for college would be able to go to college and that college wouldn’t just be reserved for the wealthy. Or for great athletes or people who are able to get students loans and pay them off by working.
My plan I believe is fairly simple and I would essentially set up a system of ICA’s or individual college accounts. Similar to IRA’s or individual retirement accounts that parents could pay into up to a certain point of their income. As soon as their kid is born and be able to put money away into this account up until their kid finishes their education. Or until their college tuition is paid off and the money they would put in would be matched. By their employer and even by government and this would be available to low-income parents as. Well because their earned income tax credit would be expanded to cover college costs of their children. I would also reform our job training system by expanding it so low-income parents wouldn’t have to raise their kids in poverty. Not for their entire childhood at least by empowering them to finish their education so they can get themselves a good job.
To finance universal higher education in America we would need roughly 70-100 billion dollars a year to do this. The good news most if not all of the money is there in the government-funded student loan system. So that money or some of it could be used to match what individuals put into their accounts plus you would have employers chip in as well. And we could allow them to deduct that from their taxes and you could pay for that by cutting. Wasteful subsidies so we have the resources to do this it is just a matter of actually getting around to doing it.