Providing grants and loans to help students pay for college should not be a federal responsibility, Herman Cain, a contender for the Republican presidential nomination, said on Thursday. According to a report by Politico, Mr. Cain, a businessman and former chairman of the Federal Reserve Bank of Kansas City, said in a satellite address to the College Board Forum in New York that states and local communities should take that responsibility instead. Federal resources are limited, he said, “and I believe that the best solution is the one closest to the problem.” His comments follow similar remarks by another Republican presidential contender, U.S. Rep. Ron Paul of Texas, who said on Sunday that he would end the federal student-loan program if elected president.
Also at the College Board Forum, another Republican presidential candidate, Rep. Michelle Bachmann of Minnesota, described President Obama’s action this week to ease student-loan debt as an “abuse of power” that encourages borrowers to evade paying their obligations, the Associated Press reported. And a third candidate, Newt Gingrich, the former House speaker, called Mr. Obama’s plan a “Ponzi scheme.”Return to Top