Sixth District Congressman Glen Grothman has introduced the Responsible Borrowing Act.
He says this bill will help alleviate excessive student loan debt by allowing institutions of higher education to implement guard rails on how much money students can borrow.
Grothman told SeehaferNews.com, “I’ve talked to college administrators, who say ‘We would prevent these kids from taking out extensive debt if we could, but right now it’s against the law for us to stop them.’ I want to go back to the days where the kids have to show the universities that they really need the money.”
Grothman says if left unchecked, the young adults can be led to a vicious cycle of being in the red. Grothman also blamed the Universities for part of the problem because, “A lot of times you don’t get value for these degrees,” the Congressman explained. “When are you going to have kids? When are you going to afford a house? If you are sitting there 35 years old and $35-$40,000 in debt on student loans, you really are behind the 8 ball throughout all of life.”
The local legislator points out that the current collective student loan debt in the United States is $1.6 trillion and has more than doubled in the last decade and continues to grow at an excessive rate.