Democratic presidential nomination candidate Howard Dean announced a plan yesterday to provide college students with $10,000 a year in federal financial aid. A series of federal grants and loans would be allocated to college and trade school students as part of Dean's $7.1 billion higher education program.
In order to finance his plan, Dean would repeal all of President Bush's tax cuts.
As a part of his plan, Dean said he would guarantee that Americans would not have to pay more than 10 percent of their income toward loans after graduation. Dean would be even more generous to those entering the professions he calls the "Public Service Corps," such as nursing, teaching and firefighting, by holding their debt obligation to seven percent of their income.
After 10 years, all debts would be considered settled.
To qualify for the program, students would have to commit to attending college as early as the eighth grade and their families then would be provided with advance calculations of their qualifications for federal aid.
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