Today, during a student roundtable at the
During the roundtable, a group of
"This is one of the key issues we should be dealing with today - driving down the costs of higher education. We can't have people coming out of college with student loans the size of mortgages" Cantwell said. "Student loan debt is a drag on our economy. How are these students going to be able to save for cars or houses if they're paying off student loan debt well into their working days? By refinancing their student debt, these students might be able to save thousands of dollars."
This weekend, President
Cantwell heard Sunday from 13 current and former students from
"I have a mortgage, but no home," said
As the costs of higher education increase, Americans have seen their outstanding college loan debt quadruple in the last decade to about
Some students said they wished they'd had better information and education about the terms of their loans.
The Obama administration also plans to address mounting student loan debt.
The President announced this week plans to sign an executive order that would expand a law preventing graduates from having to pay no more than 10 percent of their income on student loan payments so the law would apply to loans issued before the it took effect in 2007.
Cantwell also was the commencement speaker at
A UW student body working group released a report this week highlighting how UW students struggle to keep up with increasing education costs. The average student paying in-state tuition would have to work 54 hours per week for a full year to afford the full education costs of a year at UW, according to the report. The cost of a full school year for 2013-14 was
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