ST. LOUIS (AP) — Vice President Joe Biden pledged Friday to close gaps between family incomes and college costs to make higher education a reality for more young people.
Biden told a town hall-style meeting in St. Louis that he’ll the Treasury Department to look into how to make family college-savings plans more effective and reliable. Many families save for college in tax-deferred plans known as 529s, and Biden said the government will consider options such as low-interest loans against those plans to help families pay for school.
"We’re going to make a series of investments, investments in our families and our students," he said, noting the Obama administration’s efforts to improve tax breaks for families and increase need-based grants for the middle-class and poor.
Some 300 people attended meeting at the University of Missouri-St. Louis, where Biden was joined by fellow Democrats Jay Nixon, the governor, and Sen. Claire McCaskill, D-Mo., as well as Education Secretary Arne Duncan.
Biden hosted the meeting as part of the work of the Middle Class Task Force that he heads at President Barack Obama’s behest. (USA Today)