Montgomery County: We need to provide student loan debt relief
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Too many students are leaving college with massive amounts of debt. It cripples their ability to buy a home, start a business or save money for retirement. In 2015, the average Maryland student’s debt was $27,672. And it’s only getting harder for new borrowers, as college expenses continue to climb while average wages for college graduates continue to fall.
That’s why Montgomery County Councilmember Tom Hucker is championing the establishment of a county Student Loan Financing Authority to help county residents refinance their loans at lower interest rates, saving them thousands of dollars. With your support, we can become a national leader in helping ease the crushing burden of student loan debt.
At Councilmember Hucker's request, a new county report was issued on June 27 that paves the way for establishing a county Student Loan Refinancing Authority. This report shows that this is the responsible solution to offer student loan relief for residents without burdening our county’s budget or risking the county’s fiscal health.
Refinancing a student loan can help borrowers by lowering interest rates or reducing the length of the loan period—lowering monthly payments and/or lowering the overall amount of repayment. It will also enhance our regional competitiveness, since we’ll be able to provide a tangible, measurable financial incentive for young, educated workers to move back to Montgomery rather than to other attractive jurisdictions. Read more about this in The Washington Post here.
Councilmember Tom Hucker plans to introduce legislation to implement this program this summer making Montgomery County the first county in the United States with one. Now’s the time to take the lead on this critical issue.
Sign below to show Montgomery County officials your support of this proposal, and to receive updates about this proposal.
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