Children of congress members do not have to pay back their college student loans

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Children of congress members do not have to pay back their college student loans

Children of congress members do not have to pay back their college student loans Those committees will be the first to shepherd any legislative overhaul of the federal student loan process Collectively, the 44 Democrats and 24 Republicans have higher education liabilities of $2.5 million, according to recent financial disclosures. The median student loan debt is $15,000, while average debt is $37,000. Thirteen percent payday loans Tallassee is a slight increase compared to the previous Congress, when Roll Call’s Wealth of Congress project found that one in 10 members held student loans. One-third of Congress’ educational debt comes from new members. In one case, Texas Democratic Rep. Veronica Escobar, 49, noted that she and her husband are simultaneously paying for their own debt while taking on joint loans for the college educations of their children. All told, those liabilities exceed $60,000. Escobar graduated with a bachelor’s degree from the University of Texas at El Paso in 1991 and with a master’s degree from New York University in 1993. Three of the more recent college graduates in Congress are paying for their own education after earning a bachelor’s degree. Freshman Democratic Reps. Ilhan Omar of Minnesota, Abby Finkenauer of Iowa, and Alexandria Ocasio-Cortez of New York all graduated in 2011 and owe more than $15,000 each. Omar, 36, got her degree from North Dakota State University. Finkenauer, 30, graduated from Drake University, and Ocasio-Cortez, 29, graduated from Boston University. Seven representatives on the House Education and Labor panel, along with Sen. Christopher S. Murphy on the Senate Health, Education, Labor and Pensions Committee, all hold student debt. I had a decent-sized student loan debt, and I didn’t have them for undergraduate – I only had them for graduate school, Murphy said. I guess I have a little bit more of a window into how enormous your debt can be if you have to pay for four years of expensive undergrad and possibly graduate school as well. Murphy, 45, has a law degree from the University of Connecticut. As lawmakers look to reshape the federal loan process in the upcoming reauthorization of the Higher Education Act, a cohort knows firsthand the pain of rising college costs – 68 members, or 13 percent of Congress, reported that either they or their family members are mired in student debt Murphy’s wife has loans outstanding as well, but he said they kept the loans in part because they were able to refinance the debt at a decent interest rate. You don’t have to have student loans to understand how crappy it is to have $200,000 in debt, Murphy said. Among the Education and Labor group is the current occupant of Murphy’s old House seat, Rep. Jahana Hayes. Named 2016’s National Teacher of the Year, Hayes received an associate degree, bachelor’s degree and a master’s degree from 2002 to 2012. She listed more than $115,000 in debt for her education. I wanted to be a teacher so badly that I accepted the debt I was incurring even though I knew my salary as a teacher would not yield an equal return on my investment, Hayes, 46, told Roll Call in a statement. I’m sure I share this distinction with many other members, and hopefully we can work together to ensure that the skyrocketing cost of higher education does not continue to go unchecked. California Rep. master of fine arts degree from the University of California, Riverside, and sees new policies for student loan repayment with a Democratic majority. As a member of Congress with outstanding student loan debt, I am acutely aware of the burdens...

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