Easing Burden Of Student Loan Debt Will Help Grow Middle Class

Op-Ed

By Congressman Mark Pocan and Hon. Emily Cain

If you listen to the news, you might hear about an economic recovery. But if you listen to your neighbors, you are probably hearing a different story.

For too many Maine people, the security that comes from a good job seems just out of reach. American workers are more productive than ever, yet their paychecks are not growing and the price of everyday essentials continues to rise.

Nowhere is this more evident than the crushing level of student debt needed to earn a college degree.

More than 60% of Americans leave college saddled with student loan debt that limits their ability to pursue the American dream. Here in Maine, graduating college seniors had an average of $29,934 in debt in 2013, yet the per-capita income in Androscoggin County is just $22,752.

A college degree, whether from a community college or a four-year college or university, opens doors to career opportunities and economic security. But the student loan debt crisis has far-reaching implications for our economy. Young adults who finish college burdened with debt hold back on purchases that were once common for young families, like buying cars and houses--things that make our economy stronger and our middle class more secure.

While there is no easy solution to growing America's middle class, allowing student loan borrowers to refinance their loans--a common practice for mortgages and car loans--would be a massive step in the right direction.

Congressman Mark Pocan of Wisconsin introduced a bill that would have done just that this past spring. His bill would have allowed nearly 40 million Americans to refinance their student loans when a lower interest rate becomes available, reducing the long-term cost of a college degree, giving our college graduates greater financial flexibility, and growing our economy in the process.

Unfortunately, this common sense solution was blocked by Big Banks and the financial industry. The leadership of Congressman Pocan, Senator Elizabeth Warren, and others has brought real attention to the student loan debt crisis for the first time. Even Republican Senator and presidential candidate Lindsey Graham has said he is on board with allowing borrowers to refinance their student loans at lower interest rates.

Skyrocketing student loan debt is suffocating our economy and eating away at America's middle class. And yet, far too many members of Congress are willing to sit back and ignore the problem to please their friends on Wall Street.

We can no longer afford to take politicians who promise to strengthen the middle class at their word--it is time for action. We need leaders who are willing to work together and vote for common sense bills like the one Congressman Pocan put forward to ease student loan debt.

In Congress, I will work with leaders like Rep. Pocan, and on both sides of the political aisle to make college affordable by allowing students to refinance their loans. But we must do more.

Congressman Pocan is visiting the Lewiston area this week to talk with Mainers about student loan debt and what we can do to make college more affordable for Maine's young people. On Monday, he and I are headed to Central Maine Community College to tour the facilities on campus and continue to spread the word. We hope the folks in Washington are listening.

Rebuilding our middle class requires a higher education system that works for every American, which is why I will continue to support the mission of our state's two- and four-year colleges and universities, just like I did during my time in the State Legislature. College debt should not be a roadblock for hard-working Mainers to earning a fair shot at their dream job and career here in Maine.

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