Higher Pay for our Teachers
Education is the cornerstone of democracy. Providing quality education is one of the government’s most important obligations to the people. If our children are to receive a quality education, we must increase teacher’s pay. Kim proposes to use the federal tax code to create a permanent $13,000 refundable Teachers Tax Credit. The result would increase a take-home pay for our teachers of $230 per week.
Kim also proposes to reform the Teacher Forgiveness Program. The Teacher Forgiveness Program is unattainable and ineffective. Currently, to become eligible, you must not have an outstanding balance on Direct Loans or Federal Family Education Loans. You must be employed full time and complete five consecutive academic years. Kim’s plan will modify the existing program. After one year of teaching, the Department of Education will pay up to $6,000 per year or a maximum of $70,000 of the teacher’s federal student loans.
Student loan debt in America is over $1.6 trillion and exceeds accumulated car loans and even credit card debt. Kim proposes:
- Increasing the corporate tax rate from 21% to 23% to pay off all student loans
- Tax incentive of $50,000 for those who already paid off their student loans
- Eliminate student loan interest rate.
Reform the Federal Supplemental Educational Opportunity Grant (FSEOG)
Our college students face an increase in financial insecurity, especially since the pandemic. For these students, unexpected events like loss of income or disruption in child care arrangements can derail their path to graduation.
Due to the pandemic, Congress enacted temporary reforms to provide flexible emergency support to low-income students. The FSEOG program provided grant aid directly to institutions that distributed these funds to students on campus. The grants ranged from $100 to $4,000, prioritizing low-income students. Kim proposes making the FSEOG permanent and allows institutions to use a portion of their funds for micro-grant programs.