“Last month marked the one year anniversary of student loan debt crossing the $1 trillion mark — making it second only to mortgage debt. Americans now owe more in student loan debt then credit card or automobile debt with the past 10 years showing a staggering 511 percent increase.
“Many have tried to down play these facts or flat out deny there is a student loan debt crisis. They argue borrowers should take personal responsibility for what they owe and not look for a bail out from the government.
“Borrowers should bear responsibility for their loan obligations but it’s just wrong to say there isn’t a crisis or to somehow suggest that because these Americans chose to get a good education they should be saddled with a lifetime of debt.”
Rep.
Bass has introduced a bill that would forgive federal loan debt of up to $45,000, provided the borrower has made payments consistently. She’s also enlisted the help of celebrity financial guru Suze Orman, who supports the proposed legislation.Read more at Rep. Bass’ official website.