In order to allow future generations to pursue the American dream, we must allow them a path to accomplish their goals. College tuition rates have doubled over the past 12 years, which has made college a financial impossibility for many working-class families.By making college unaffordable without the use of high-interest loans, we continuing down the path which will ultimately erode our the middle class.That is why I am supporting the Higher Ed, Lower Debt Bill.
By providing the average Wisconsin college student with education based loans at 4% rather than 6.8%, each student will save around $500 per year.The bill will also allow students to deduct their student loan payments from their income tax. By combining these different strategies, the amount of money saved per student is significant and, for many families, necessary in order to pursue higher education.Loan counseling is also an integral part of the bill. Students will be provided with detailed information about borrowing and allowed to examine which lenders can provide them with the best deals before entering into possibly unaffordable loan agreements.Some opponents to the Higher Ed, Lower Debt Bill state that some of the democratic estimates may be slightly exaggerated when it comes to lowering student’s interest rates. What they fail to realize is that in a time where students are struggling to afford a college education — with some students even declining prestigious opportunities due to fear of lifelong debt — every dollar matters. The fact is, this bill will reduce interest rates and put valuable funds back into the pockets of students.
Although we have seen temporary debt relief at a federal level, we must act at a state level in Wisconsin in order to provide long-term affordable solutions to educate our current generation of students and our next generation of workers.The bill will also put the utmost importance on long-term debt research in order to help policymakers and the public understand and counteract our current debt crises. This includes a ranking system that sorts lenders based on interest rates, loan terms, and consumer protections.Please stand by me in my support to reduce the burden on current and future students who use college loans in order to afford sky high tuition rates and overcome insurmountable amounts of student debt through the Higher Ed, Lower Debt Bill.