Durbin: Student Loan Debt is Out of Control
[WASHINGTON, D.C.] – Hardworking students deserve the right at an affordable education and protections that help them pay back their students loans, U.S. Senator Dick Durbin (D-IL) said today during a press conference with Senate Democratic Leadership. Durbin spoke about his recent visit to Augustana College in Rock Island, Illinois, where he talked with students about the problems they are encountering as they struggle to pay back their loans. 1.7 million Illinoisans currently have outstanding student loan debt.
“If we don’t do something about student debt in America it’s going to create a hardship on recent graduates and their families, as well as future generations,” Durbin said. “I cannot think of a single issue that draws such a spontaneous emotional response from every audience I’ve spoken too. 15 percent of the people living in the state of Illinois have student loan debt. 40 million Americans are dealing with student debt.”
Last week, Senator Durbin joined U.S. Senators Elizabeth Warren (D-MA) and U.S. Senator Jack Reed (D-RI) today introducing the Bank on Students Emergency Loan Refinancing Act, which would allow those with outstanding student loan debt to refinance at the lower interest rates currently offered to new borrowers. Durbin has also sponsored the Student Loan Borrower’s Bill of Rights, which would ensure struggling student loan borrowers are treated fairly and understand the full range of repayment options and resources available to them. Durbin, Warren, and Reed have been working together on efforts to build broad support in the Senate for legislative action to reduce new student loan debt and make it easier for millions of working families to manage the student loan debt they already have.
Video of Durbin’s remarks at the Leadership Press Conference is available here.
Audio of Durbin’s remarks at the Leadership Press Conference is available here.
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