Political Quotes

“Today I am reintroducing the Fairness for Struggling Students Act. This bill takes an important step toward addressing the student debt crisis in America. It would once again treat private student loans like nearly all other forms of private unsecured debt and permit these loans to be discharged in bankruptcy. Student loan debt has reached an astronomical $1.4 trillion--more than double what it was in 2008. Student loan debt is now the second largest form of consumer debt in America, after only mortgage debt. The balance of student loan debt is larger than credit card and auto loan debt. Currently, around 44 million borrowers hold student loan debt, with an average balance of roughly $30,000. This past weekend, the New York Times published an editorial that clearly and concisely describes the student debt crisis that we face. The editorial is titled ``Student Debt's Grip on the Economy,'' and I ask consent to place it into the Record. As the editorial points out, ``student debt has become a drag on graduates' hopes and a threat to economic growth.'' This editorial reports that as college costs have continued to increase, wages have not kept pace. Students continue to take out larger amounts in loans to afford the rising costs of college. This crushing student loan debt has forced young people to delay making important life decisions like getting married and economic investments such as home ownership.…”