A trillion dollars in student debt
Here’s the middle class squeeze in a nutshell:
- Middle class wages have been flat for more than a decade.
- College tuition has increased an average of 25% over the past decade.
- The cost of housing in places like Long Island has skyrocketed along with the cost of tuition.
The result: Americans are drowning in a combined $1.2 trillion in student loan debt.
A college degree is more important than ever, yet it’s increasingly out of reach for middle class families. Graduating with a crushing burden of debt makes it harder for graduates to pursue their dreams, save for a down-payment, and start a family.
We need to break this cycle by putting debt-free college back within reach for middle class families, and we need to relieve the burden for those suffering under the weight of massive debt.
I’m excited to help advance Hillary Clinton’s debt-free college plans in Congress in the years ahead – and I’m starting now with a proposal to ease the student debt burden for families on Long Island and across the country. My proposal allows all families to deduct student loan interest on their tax returns, lifts the cap on interest that can be deducted, and makes sure that forgiven debt doesn’t result in a big tax bill.
At a time when total student loan debt is above a trillion dollars, Congress should take action to ensure every family has the opportunity to send their kids to college. In Congress, I’m working hard to fix the student debt crisis and give every young person the chance to achieve the American Dream.
Thank you for being a part of the solution.