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Students, recent graduates discuss college costs with Sen. Baldwin

Senator.jpgUniversity of Wisconsin-Stevens Point students and recent graduates shared some of their challenges regarding college affordability with U.S. Sen. Tammy Baldwin when she visited campus Sept. 4.

Some students said they didn’t realize how much loan debt they were accumulating through their college years, or understand the difference between different types of loans. Students from middle-income families get squeezed, said Charlie Greiber of Waunakee, a senior majoring in business administration. He was among 10 students who share their experiences with student debt.

Baldwin is cosponsoring a Bank on Students Emergency Loan Refinancing Act. The bill would allow those with outstanding student loan debt to refinance at lower interest rates offered to new borrowers.

The U.S. Department of Education estimates about 25 million borrowers could benefit from refinancing under this legislation, including 515,000 Wisconsinites, Baldwin’s office said.

“Making college affordable is one of the most important steps we can take toward building a strong path to the middle class for all Americans,” she said. “A college education should be a path to prosperity not a path to indebtedness, but student loan debt is holding back an entire generation and creating a drag on economic growth for our country.”

The average student loan debt was $27,167 for UW-Stevens Point students completing bachelor’s degrees in 2011-12, the most recent data available. That’s slightly lower than the UW System average of $28,002.

Student loan debt totals $1.2 trillion in the United States, according to the Federal Reserve, the fastest growing household debt category. Nearly 40 million Americans have outstanding student loans.

Currently, students who work while attending college often are eligible for less financial aid because of their work income. Baldwin also said she plans to introduce legislation to increase the amount working students can earn without that income counting against them in accessing need-based federal financial aid, including Pell Grants.


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