Every month in addition to writing a check for my mortgage, car payment and utilities, I write out a check for my student loans.
Although I graduated with a master’s degree more than 10 years ago, I still owe more than $40,000 in student loans. And I am not alone.
National student loan debt has surpassed $1.3 trillion, with the average borrower accumulating nearly $30,000. While graduates often see higher paychecks, student loan debt can prevent them from buying a house, saving for their children’s education or preparing for retirement. It can pose a burden that makes some prospective students question if higher education is worth it.
Like many Americans, I believe making higher education more affordable and accessible should be among our foremost priorities, which is why I am pushing for Congress to reauthorize the Higher Education Act.
This month marks the 50th anniversary of its original passage, which was intended to address the rising cost of college, especially for students from low- and middle-income families. Since its original passage, it has been amended and reauthorized eight times, and is currently up for reauthorization again.
Education remains the most important investment our nation can make in its future. Students with an associate degree earn more than $5,000 a year more than students with a high school diploma. Students with a bachelor’s degree earn even more. These students bring their talents to a wide array of employers and help to create a stronger economy and more vibrant city. When higher education is less accessible, we all pay the price.
I hope you will join me in urging Congress to improve access and affordability of higher education by reauthorizing the Higher Education Act.
