Student loan relief could be on its way
Fri, 16 May 2014 22:21:30 GMT —
Student loan debt in the United States has grown to more than $1 trillion surpassing credit card debt.
Now, lawmakers in Washington are looking to ease the pain of student debt with a new bill.
Greg Lipinski makes no bones about it.
â??Theyâ??re ridiculous, man,â?? says Lipinski who is studying public administration at the University of Michigan-Flint.
â??I owe a little bit over $60,000 worth of student loans,â?? says Lipinski.
But his story isnâ??t unusual.
â??If I were to pay it off today, it would be $184,000,â?? says Joseph Albosta, a law school graduate.
He hopes Senator Debbie Stabenowâ??s new bill will bring some relief to what he expects will be many years of paying off student loans.
â??We want students to have degrees not debt,â?? says Stabenow, a democrat.
Her bill allows students to refinance outstanding loans for lower interest rates.
â??Itâ??s been time that our government steps in and resolves this student loan issue."
Stabenow says her bill could save Michiganders like Lipinski and Albosta thousands of dollars.
â??Weâ??re not going to have a middle class if we don't, in fact, have people that can afford to go to college,â?? says Stabenow.
â??Student loan bills are crippling for a lot of people, especially me,â?? adds Lipinski.
Stabenowâ??s bill is up for a vote in June.