U.S. Democratic presidential candidate Hillary Clinton announces the ''New College Compact'' plan to make college more affordable to students. Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) U.S. Democratic presidential candidate Hillary Clinton unveiled a plan on Monday (August 10) to make college more affordable, vowing to increase access to tuition grants, allow graduates to refinance loans at lower interest rates and streamline income-based repayment plans. "No family and no student should have to borrow to pay tuition at a public college or university, and everyone who has student debt should be able to refinance it at lower rates," Clinton said at a campaign stop in New Hampshire. There are more than 40 million students and graduates in the United States with education debt amounting to a collective $1.2 trillion, exceeding debt from credit cards, auto loans or home equity lines of credit. Making college more affordable has been an early theme for Clinton since she launched her White House bid in April. The Democratic front-runner has frequently lamented the high interest rates on some college loans. Refinancing would allow graduates to invest in business or buy homes instead, she has said. Clinton chose to release her college plan in New Hampshire, which holds the second nominating contest in the presidential race, because its graduates carry the country's highest debt burdens. Community college in New Hampshire costs twice as much as in neighboring Maine. Clinton's proposals would cost $350 billion over 10 years, paid for by capping itemized tax deductions at 28 percent for the wealthy, her campaign said.