Political Quotes

“I thank my colleagues Senator Franken and Senator Brown for their leadership and very wise comments on this issue, which is one of the most difficult ones that young Americans face, and that is paying for college and student loans. As my colleague had indicated, this is just really the tip of the iceberg because these debts that they have accumulated will prevent them from buying homes, from starting families, and ultimately affects our economy in a tremendously disruptive way. All of this is coming into very sharp focus as we begin the graduation season. We have high school seniors who are choosing a college to attend. We have college graduates who are leaving campus and facing a very difficult job market. Those who are going to college are looking at huge potential debt. Those who are leaving college already have, in most cases, those debts and are now thinking about how they can deal with them as they go forward. Outstanding student loan debt today is at an estimated $1.2 trillion, and it is growing. According to the Institute for College Access and Success, between 2008 and 2012, average student loan debt increased by an average of 6 percent per year--much, much faster than the rate of inflation. So we have an issue that is not only critical today, but it is getting worse each and every day. Seventy percent of the class of 2012 graduated with student loans, and the average student debt was $29,400. That is a lot of money.…”