Last Friday, Rep. Kim Norton introduced a bill that would allow for the almost one million Minnesotans with student loan debt to refinance their loans like you can a mortgage. Action on student loan debt couldn’t come at a better time, as Minnesota is ranked 5th in the nation in average student loan debt after … Continue reading New Legislation Introduced Which Extends Debt Refinancing
We got some great news today for student loan borrowers in Minnesota. Lieutenant Governor Tina Smith announced that the state is launching a student debt refinancing program, which will help lower monthly payments for those struggling with student debt. “This is an important first step to improve college affordability and increase educational opportunities for all … Continue reading How Will Refinancing Your Student Loans Help You?
Higher education has never been less affordable, but a new report from Generation Progress highlights how states and local governments can stop the negative consequences of student loan debt from affecting their communities. The report outlines a number of policy options for state and local leaders to mitigate the effects of student debt, and offers … Continue reading State Action on Student Loan Debt
Almost one million Minnesotans have student loan debt. Have you ever wondered how borrowing for college affects Minnesota? Now, Higher Ed Not Debt has the answer. They’ve partnered with other organizations to create student loan debt heat maps for the entire country, highlighting three measurements for student loan borrowers: Delinquency rate Average balance Median income … Continue reading Mapping Minnesota Student Debt
We talk a lot about student loan debt, but how did we get into this mess in the first place? Almost one million Minnesotans have student loan debt, and one of the contributing factors to this growing crisis is state disinvestment in higher education. As the public policy organization Demos put it in 2014: Minnesota’s … Continue reading How Student Debt Became A Crisis In Minnesota
Americans don’t have savings. No, but really. A new study shows that more than half of Americans have less than $1,000 in savings, and more than 20% have no savings at all. This is hardly surprising given the rising student debt crisis in this country. The New York Times put it well: The loan crisis … Continue reading No Savings? There’s A Reason.
This is positively frightening. Vector credit: Here and here.
The burden of student loan debt affects students and graduates nationwide (7 in 10 seniors who graduated in 2014 had student loan debt), but in Minnesota it’s even worse. Minnesota ranks 5th highest in the amount of debt students have at graduation, with an average debt of over $31,000. 10 years ago, the average debt … Continue reading Minnesota 5th in Student Loan Debt
This afternoon, Sen. Klobuchar held a hearing on college affordability and the student debt crisis including Sens. Elizabeth Warren and Tammy Baldwin. Sen. Klobuchar started the hearing by laying out the reasons why student loan debt is such a growing crisis. The average student has $30,000 in debt when they graduate, and nationally borrowers hold … Continue reading Sen. Klobuchar Heads College Affordability Hearing
Many may not know this, but if you don’t pay your student loan debt, the federal government can – and will – garnish your Social Security benefits. Thankfully, Rep. Keith Ellison and his Congressional Progressive Caucus are speaking out today to oppose this practice. 130,000 Social Security recipients are getting reduced benefits because they still … Continue reading Stop Social Security Garnishment on Student Loan Debt