Brick, NJ – Republican congressional candidate Rob Canfield has unveiled a sweeping student-loan reform proposal that he says will dismantle Washington’s “college-debt racket” and restore fairness, accountability, and affordability to higher education for families across New Jersey’s Fourth Congressional District.
“For decades, the federal government guaranteed unlimited student loans, colleges jacked up tuition, and loan servicers made billions off interest,” Canfield said during the announcement. “Students did what they were told—go to college, work hard, get ahead—and instead they were handed a lifetime bill. My plan ends that scam.”
Canfield’s proposal, dubbed the Canfield Student-Loan Reform Plan, outlines four major policy changes focused on long-term structural reform rather than one-time loan forgiveness. The first would set all new federal student loans at zero percent interest, ensuring borrowers repay only the amount they borrow. Second, existing federal loans would be recalculated to remove past interest, with all prior payments applied to principal. “This is not forgiveness,” Canfield said. “This is fairness. You pay back what you borrowed—no more, no less.”
The plan would also impose tuition caps on colleges that receive access to federal loan programs, requiring them to demonstrate cost control and transparency in exchange for taxpayer-backed aid. In addition, schools would be required to meet accountability benchmarks—including graduation rates, job placement performance, and debt-to-income ratios for graduates—to retain access to federal funding.
“When colleges know the government will write the check no matter the price, there’s no incentive to control costs,” Canfield said. “If a school wants unlimited federal money, it should not have unlimited pricing power.”
Canfield emphasized that his approach differs sharply from broad loan-forgiveness proposals, positioning it instead as a system of shared responsibility between borrowers, schools, and the federal government. He said his plan reflects a broader economic reform agenda focused on affordability, homeownership, and financial stability for working families.
“This is about crushing the debt racket, lowering the cost of living, and giving young people a real shot at owning a home and building a future here at the Jersey Shore,” Canfield said. “Washington keeps protecting banks, universities, and insiders. I’m running to protect families.”
Key Points: Canfield unveils plan to end ‘college-debt racket’ with zero-interest student loans – Brick
- Rob Canfield proposed a four-part student-loan reform plan including zero-interest federal loans and tuition caps for universities.
- The plan would remove accumulated interest from existing federal loans and require schools to meet performance and accountability standards.
- Canfield said the reforms are part of a larger affordability and economic reform platform to protect working families across New Jersey’s Fourth District.
