EMPOWER PARENTS & STUDENTS IN EDUCATION

At the federal level, the best policy on education is to remove the federal government’s involvement. I support abolishing the Department of Education and block granting those funds back to states to be returned to taxpayers. I also support getting the government out of the student loan business so market forces can lower the cost of higher education over time.

ALLOW PHASE-OUT OF PUBLIC EDUCATION

Public funding of primary and secondary education shall be attached to each child, in full measure per pupil equal to the funding of public schools. Public schools will be allowed to phase-out under competitive pressures. Public funding of higher education, including student loans shall be eliminated.

States spend an average of $19,973 per pupil, second behind Luxembourg among developed nations. At 5.44% of GDP, the United States spends a larger share on public education than most European countries.

Of this funding, 13.6% is provided by the Federal government via the Department of Education. In real terms, this is roughly $119 billion of $873 billion. These funds are administered via block grants to states who then distribute them to local districts. As with all grants provided by the Federal government, there are mandates attached to them which exert a large effect on programs and curriculum. 

While these funds, on the surface, are supposed to provide greater resources for students deemed at-risk, and on occasion to bridge budget shortfalls during downturns, the results have not demonstrated the value of the mandates attached to them. In the most recent Program for International Student Assessment, an assessment of 15 year old students, administered by the OECD, 5 OECD nations had higher rates of reading literacy, 25 scored higher in mathematics literacy, and 9 in science literacy. These are not acceptable results for the nation with the 2nd highest rate of spending on public education among developed nations.

We are not denying the rights of citizens to have access to public education for their children, but it must be a state and local matter. The Department of Education must be abolished, with any remaining budget distributed as a one-time grant to the states, returning these funds to some semblance of taxpayer control.

END THE STUDENT DEBT CRISIS TO ASSIST IN INDIVIDUAL FINANCIAL AND RETIREMENT SECURITY

At this critical moment in time in our economy, millions of people find themselves saddled with an average of $28,950 in student loan debt. This puts them behind the eight-ball before they have even gotten started. 92% of all student loan debt is held or backed by our federal government, with some $1.61 trillion out of $1.75 trillion outstanding. This is a burden that neither students nor the taxpayers responsible for these guarantees can continue to bear. The skyrocketing costs of college education can be directly placed at the feet of this massive boondoggle, which creates perverse incentives to raise the costs of tuition by artificially inflating demand beyond that which the market would normally provide.

AS PRESIDENT:

• • I will immediately end the Federal backing of student loans by asking Congress to make all current loans interest-free, while simultaneously ending all future government-guaranteed loans.
  • I would then make the discharge of interest revenue neutral by requiring the Department of Defense to cut costs by closing overseas bases and installations and bringing our troops home, instead of engaging in expensive nation-building and peacekeeping missions abroad. It is only right that the DoD bear part of the cost, as mounting debt is as big a threat to our security as any foreign enemy,
  • Finally, I would allow students to stabilize their financial situations by allowing student loan debt to be dischargeable in bankruptcy just like any other loan. I want a well-educated populace that can compete with the minds of any other nation, but not at the cost of our nation’s financial and retirement security.