Following reports earlier this year of the Department of Education inadequately supervising its loan servicers – particularly when it comes to student loan borrowers in financial distress - the House Subcommittee on Oversight and Investigations held a hearing this week to look into the student loan servicing market.
According to the Federal Reserve Board, Americans owe more than $1.5 trillion in student loan debt, an increase of over $100 billion since the end of 2017. Sixty-six percent of graduates from public colleges have student loans averaging $26,900 and 84% of graduates from for-profit colleges have student loans averaging $39,900.
Crushing student loan debt is a huge issue for families in Colorado and across the country and it’s affecting home ownership, credit scores, and access to credit.
Higher education is a critical component of our ability to remain globally competitive, but we must do more to reduce the student loan debt burden, such as increasing the level of available Pell grants, reducing student loan interest rates, increasing the maximum tax deduction for interest paid on any qualified education loan, and student repayment programs.
If you have questions or need help with your student loans, my office may be able to help. Contact us at (303) 274-7944.
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