As we settle into Obama’s second term and a new Congress, one of the most pressing issues is reforming the student loan system.
The cost of college is skyrocketing and current student debt has surpassed $1 trillion, $864 billion of which is backed by the federal government.
Stifling student debt isn’t just affecting young people. Americans older than 60, for example, owe about $36 billion in student loans. So while making higher education more affordable across the board would be a step in the right direction for the future, allowing Americans to refinance their federal student loans would be far more comprehensive for the country right now.
The question now is: How likely is Congress to act on student loan reform?
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