The student loan debt crisis made headlines on March 22 after Senator Brian Schatz, along with other legislators in Washington, introduced the Debt-Free College Act, an act that will reportedly reverse the debt crisis in America.
The bill, endorsed by more than 32 congressmen and groups like the National Education Association, would provide states with incentives to invest in public universities through matching grants so that students can graduate debt-free. Schatz (D-Hawaii) said in a quote that his bill “brings states back to the table and leverages federal dollars to reinvest in public education and help the people who need it most.”
Student loan debt is a trillion dollar crisis in the United States. According to a Federal Reserve Bank quarterly report, student loan debt reached an all-time high in 2017, climbing to $1.48 trillion spread across 44.2 million borrowers. The average borrower owes $37,172 on their student loans, with that number trickling into the six figures for those with postgraduate and doctorate degrees. As a result, student loan delinquency rates have risen sharply over recent years, peaking at 11.2 percent...