Policy: Economy

Congress concerned with impact student loans have on economy

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Congress,Education,Lisa Ruhl,Economy,Student Loans

Student loan debt has reached staggering heights in the United States. The current amount stands at more than $1 trillion with more than 40 million borrowers. Congress is concerned with what those numbers could do to the economy as a whole.

"There's mounting evidence that student debt is holding back our economy," says Sen. Patty Murray, D-Wash.

Senator Murray, along with her colleagues, is worried about the long term.

"Paying off student loans can prevent people from saving for retirement," says Murray.

Brittany Jones, a recent graduate and current holder of over $50,000 in student debt explains the impact it has had on her life.

"Student loan debt," Jones laments, "has been the driving force of my decisions for the last eight years of my life."

Senate democrats are expected to bring up a bill next week to allow borrowers to refinance their loans at a lower rate.

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