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Campus Progress: Will Congress Work For You On Student Debt Reform? : Student Debt Crisis

Campus Progress: Will Congress Work For You On Student Debt Reform?

| February 14, 2013 | 4 Comments

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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Comments (4)

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  1. Brian Gerald says:

    I am recently retired with no hope of ever paying off my student loan debt which my wife and I had taken out so we could send our 2 daughters to college so they might be able to get a better job than we had. I retired so i would be able to take care of surgery that i need and at this time still owe around $60,000.I have no idea how i will pay this off or if i will live long enough to do so. Each month my payments total $700 and only around $300 goes to the principle and the majority goes to the interest. These payments are killing me !! HELP !!

  2. Laurie Truhan says:

    Here is my situation. In 1984, I went to graduate school and got out 3 loans. One is paid off and the other two were consolidated. I’m stuck at the 1984 8% rate. I defaulted and started making restitution payments in 2000. My balance was approximately 21,000. Thirteen years later, with consecutive monthly payments, my balance is still $21,000. I’ve already paid approximately $13,000. However, the original loans were only at $5000.00 each, meaning I already paid off the original loans. What can I do? I did sign your petition send your link to all my friends.

  3. mary says:

    I cannot understand why all the other interest rates have fallen to adjust for the economic downturn, yet the interest rate on the federally-backed student loans we owe is still at 8%. Why is there no overhaul of this system? We all as taxpayers had to take the brunt of the bail out of the banking system, yet we are still taking the brunt of this inflated interest rate. My daughter will never be able to repay her loans. It doesn’t matter who you voted for either. The interest rates have been this way for many years with no overhaul. What can we do to demand this be changed?

  4. Terri Hawkins says:

    Are we any closer to getting anything on the table or passed for a reform?