New Mexico plans to cover all in-state college tuition

New Mexico is the first state to take significant steps on the rising student debt issue. The state announced Thursday its plan to completely cover in-state tuition costs at 29 specified public universities.

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The "Land of Enchantment" state plans to cover costs through oil revenue and the plan has an estimated budget of around $25 million to $35 million. This coverage is available to all residents, regardless of income but it must be approved by the state legislature.

Student debt is at an all-time high in America, at an average of $29,200 per student, and $1.6 trillion collective number is prophesied to rise to $2 trillion.

Relieving the pressure by covering tuition seems like a foolproof plan, but there simply are no freebies for taxpayers who will see a rise in tax dollars in order to cover costs.

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Current 2020 Democratic presidential candidates have taken a stab at resolving the issue themselves but are experiencing backlash on both sides of the spectrum.