Political Quotes

“Mr. Speaker, I rise today to speak about the student debt crisis that is holding back our students, our families, and our economy. Last year, American's collective student loan debt surpassed $1.5 trillion. The shackles of debt keep former students and their families from seeing the economic prosperity promised to them by their education. More than 40 million Americans now have student debt, and the amount of debt that the average student carries is rising. Student loan balances have more than doubled real terms since 2005. Average real student loan debt per capita for individuals between the ages of 24 to 32 has risen from $5,000 in 2005 to $10,000 in 2014. It is driving down home ownership rates, especially for young people. One study found that a $1,000 increase in student loan debt causes a 1- to-2 percent drop in home ownership rates for borrowers in their late twenties and early thirties, threatening to undermine the long-term financial stability of an entire generation. Young adults who graduate college with a student debt now have negative net worth with a median net worth of $1,900, down from $9,000 in 2013. Student loan debt does not only impact young people. The number of people over 60 with student loan debt has quadrupled in the last four decades. Parents are increasingly jeopardizing their retirement to pay off loans they took out to pay for their kids' education. The source of student debt does not affect all Americans equally.…”