OMAHA, NE (WOWT). For some students, due to student loan debt, it may feel like you are being punished for going to college. On average, the cost continues to rise.
A decade ago, student debt exceeded $ 1 trillion. It now stands at $ 1.7 trillion.
While Creighton University students prepare for the fall season in a couple of weeks, and next week at the UN, Congress is looking into what, if anything, to do with the rising student debt levels. The only household debt that exceeds student loans is the mortgage.
In our capital this morning, Diane Barta, who graduated in applied sciences in Georgia, told lawmakers that she still has $ 120,000 in outstanding student loans. When her husband lost his job as a locksmith, she filed for bankruptcy.
“I cried when I did it. I had no other options. Then I learned from my lawyer that I could not include the student loan debt, ”Barta said.
Other lawmakers fear this will become a pass for anyone taking out student loans, knowing that they could simply file for bankruptcy and cancel the debt, and that would ultimately hurt taxpayers who are on the hook for federal debt.
Other lawmakers are proposing a better way to tackle the student loan crisis is to make colleges and universities accountable for the rising cost of higher education and make them part of the solution.
The average borrower graduates from college with $ 35,000 in debt.
Copyright 2021 WOWT. All rights reserved.