"The crushing burden of student loan debt is hurting our economy and holding back a generation of young Americans, and House Democrats stand with the President in the urgent need to address this growing challenge," said U.S. Rep. Hinojosa. "That is why
Congressman Hinojosa, who attended the signing of the Presidential Memorandum at the
Recent analysis of the
"Higher education is one of the most important investments that young people can make in their futures - a key ladder of opportunity that is increasingly essential to success in the modern economy," said U.S. Rep. Hinojosa. "Yet over the past three decades, the average tuition at a public four-year college has more than tripled, and more students than ever are relying on loans to pay for college."
- 71 percent of those earning a bachelor's degree graduate with debt, averaging
- Total student loan debt has hit
The President's memorandum today also outlines new initiatives to:
- Strengthen incentives for loan contractors to serve students well;
- Ensure active-duty military get the full student loan interest rate relief they are entitled to;
- Promote awareness of repayment options; and
- Improve outreach to vulnerable borrowers and improve the information available to students and families.
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