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Republicans need a plan for student debt reform

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Published May 14, 2019 4:00am ET
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Republicans need a plan for student debt reform
In this Oct. 23, 2018 photo, students walk on the campus of Miami Dade College, in Miami. The nine companies and organizations tasked with servicing the accounts of the nation’s 30 million student loan borrowers repeatedly failed to do their jobs properly over a period of years and their regulator neglected to hold them responsible, a report finds. The report released Thursday, Feb. 14, 2019, by the Department of Education’s independent Inspector General’s office shows some borrowers weren’t getting the guidance and protection they needed as they sought the best plan for paying off their student loans. | (AP Photo/Lynne Sladky)

For many Americans it’s hard to sustain, or even achieve, the promise of the American dream in a post-Recession economy. That’s because we have become Atlas, carrying a world of student debt on our shoulders with no relief in sight.

Collectively, Americans owe $1.5 trillion in outstanding student loan debt. It limits our potential, preventing us from starting that first new business or buying that first new home, or even starting a family.

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Colleges and Universities Higher Education Student loans