Political Quotes

“Mr. President, student loan debt continues to climb. According to an analysis by the Institute for College Access, average student loan debt has increased by 6 percent each year since 2008. In 2012, over 70 percent of college graduates had debt, owing an average of $29,400. This is a growing drag on our economy. In this summer's National Association of Realtors survey, 49 percent of the respondents identified student loan debt as a huge obstacle to home ownership--more than those who identified having enough money for a down payment or having enough confidence in their job security. It is clear that the more than $1.2 trillion in outstanding student loan debt has serious implications for the broader economy. We know that student loan borrowers are struggling. Default rates are on the rise. 13.4 percent of borrowers entering repayment in 2009 defaulted within three years. The rate jumped to 14.7 percent for borrowers entering repayment in 2010. We cannot tackle the student loan debt crisis without States and institutions stepping up and taking greater responsibility for college costs and student borrowing. States are critical partners in making college accessible and affordable. However, state support for higher education has declined in recent years, contributing to rising tuition costs at public colleges and universities.…”