Wednesday, July 13, 2022

Finally!-----Republican lawmaker calls for repeal of federal student loan program - mlive.com

Republican lawmaker calls for repeal of federal student loan program - mlive.com
"...Text of the resolution pans the program as being “a burden on the entire economy.” 
Fink echoed as much in a statement Monday, saying that while the program did initially start as a way to make higher education a potential reality for all Americans “it has instead facilitated a new array of problems.”
  • Problems, Fink added, which include rising tuition costs, which has made accessing higher education more “expensive and unaffordable” than ever.
  • “Our elected leaders in Washington must accept that the federal student loan system is a disservice to American students and eliminate it before it does any more financial harm to our nation,” Fink said.
  • It’s estimated that are about 45 million borrowers holding more than $1.6 trillion in federal student loan debt in the U.S. 
  • Additionally, about 40 percent of college students drop out prior to completing their degrees and 84 percent of dropouts with student debt fail to pay back their loans after 12 years.

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