Congress Needs to Decrease the Burden of Student Loan Debt
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Politicians often talk about the importance of education and the positive impact it has on the economy; studies suggest its the biggest driver of economic development. The benefits of education on individuals and society are numerous; examples include higher income potential, better health, lower unemployment rates and more tax revenue.
The cost of an education continues to increase. Many students cannot afford to get an education without student loans. The burden of these student loans is significant due to high interest rates and no tax relief. This leaves many students with a huge financial burden that undermines the economic, individual and societal benefits that politicians often talk about.
Congress needs to take steps to decrease the burden of student loan debt and maximize the benefits of an education by capping student loan interest rates at 3% and removing income restrictions preventing students from deducting student loan interest payments.
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