A couple years back, student debt surpassed credit card debt in the U.S.
U.S. Senator Merkely supports a bill that would allow students with high interest loans to refinance them.
The bill was filibustered last session, but Merkley hopes to revisit it.
“I view college as a public good that is an investment in the next generation. Some of my colleagues say any loss of profit from student loans has to be offset somewhere else. My feeling is this should not be a profit making proposition. We should be breaking even or even subsidizing it to strengthen our economy for the next generation.”
Student loan debt in the U.S. hit the one trillion dollar mark in 2013.
For most middle class families, college costs are the second biggest expense they face, second only to buying a house.
So far this bill has not beeen scheduled for a vote.
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