It is estimated that for every dollar our government makes available for student loans such as Stafford loans and Pell grants, colleges and universities raise their tuitions sixty cents. These schools are not building new classrooms or hiring more teachers, they raise tuitions just because they can. The worst offenders are private colleges with high tuition and admission rates, although some of these schools also increase their student financial aid programs. More than 40 million Americans now collectively owe more than $1.5 trillion in student loan debt, preventing many from buying homes or starting families. Student loans are not forgivable in bankruptcy proceedings unless a borrower can prove repayment would impose undue hardship on them and their dependents.
Pending Legislation: H.R.1899 - Student Loan Refinancing and Recalculation Act
Sponsor: Rep. John Garamendi (CA)
Status: House Committee on Education and Labor
Chair: Rep. Bobby Scott (VA)
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