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Student Loan Debt Hits One Year One Trillion Anniversary

Politic365 on April 25, 2013

“Today more than 1 of 3 borrowers is seriously delinquent on their student loans — that means they are over 90 days late,” said Rory O’Sullivan, Policy Director of Young Invincibles at the press conference.  ”The first three months of this year were the worst ever recorded for student loan defaults,” O’Sullivan added.

Reps. Karen Bass (D-CA) and Joe Courtney (D-CT) joined student leaders and advocacy groups to highlight the problem of student loan debt.  A year ago, that total debt crossed the $1 trillion dollar mark.  Bass introduced, H.R. 1330, The Student Loan Fairness Act, last month. The legislation would allow debt forgiveness up to $45,000 after eligible borrowers have made 10 years of payments at 10 percent of their discretionary income.  The bill would also prevent the interest rate on subsidized Stafford student loans from doubling to 6.8 percent on July 1.