When I graduated from law school in 1990, students were leaving school with an average debt of about $12,000. Today, the average student loan borrower is saddled with more than $37,000 in loans by the time they get their diploma.
Forty-four million people now hold a total of $1.4 trillion in student loan debt, a number exceeding the total credit card debt of all Americans.
That’s not just wrong, it’s a recipe for disaster, ……
An entire generation of students is being held back. For too many, the cost of college has put earning a degree completely out of reach, and those who do borrow in order to obtain a degree are trapped under a mountain of debt.
This is a crisis. We cannot continue punishing people for enriching their minds.
It’s time to solve this problem, and just yesterday my colleagues in the Congressional Progressive Caucus took a huge step towards a real solution by introducing the Debt-Free College Act.
The Debt-Free College Act would establish a federal partnership with states and incentivize them to provide the financial support students need to graduate without the burden of crushing student debt. I’m proud to be a co-sponsor.
In the wealthiest nation in the history of the world, we need to make sure all students can chase their dreams and strive for success, regardless of their family’s income.
We can do this, but I need you to help me show just how much support we have in our corner:
Let’s get this done — for students, and for the future of our country.