Swalwell Launches Week of Action to Address Student Loan Debt
WASHINGTON, DC – Rep. Eric Swalwell (CA-15) on Tuesday announced a week of action to address student loan debt, a $1.3 trillion crisis that affects millions of Americans and their families.
Over the course of the week, Swalwell will introduce legislation that helps student loan borrowers by simplifying the loan repayment process, expanding loan forgiveness programs for public servants, and enhancing tax deduction eligibility for borrowers nationwide.
“Every year, students across the nation graduate from college eager to enter the workforce and continue their journey toward the American dream, but within months they face sticker shock – a debilitating student loan payment,” said Swalwell. “The cost of student debt is preventing young people from making major life decisions, like buying a home, starting a business, or starting a family, and it is weighing down their parents and families likewise. We must do what we can to help student loan borrowers better manage and repay their loans, which will in turn strengthen our economy and secure a brighter future for generations to come.”
To kick off the week, Swalwell is re-introducing the Know Your Repayment Options Act, which would help borrowers better understand student loan repayment options by directing the Department of Education to inform all federal student loan borrowers of all their repayment options on a yearly basis, with information particularized for each individual so that borrowers can pick the plan that works best for them.
Specifically, the yearly update required by this legislation would tell borrowers their average anticipated monthly payment amount, yearly payment amount, lifetime payment amount, number of months remaining to pay off loans, and amount that would be forgiven under all possible repayment plans. It would also supply the borrower with instructions for how to switch plans if he or she determines that another option may be better.
Swalwell is the founder and chairman of Future Forum, a group of 26 young House Democrats that has engaged with thousands of millennials across the nation on the issues most important to them. Student loan debt consistently ranks high among the concerns of millennials, who now are the largest and most diverse generation in U.S. history.