Over the next few weeks, young people in Iowa and throughout the nation will head off to college for the first time. For these students, their years in college will prove to be some of the most formative of their lives. Earning a college degree is an accomplishment, and a diploma can open doors that were previously closed. Unfortunately, many of these students will also graduate with overwhelming debt.

The student debt problem in America is serious. In total, Americans owe nearly $1.6 trillion dollars in student loans, with the average borrower owing close to $29,000 upon graduation. In my home state of Iowa, the average debt at graduation is approximately $30,000. This kind of debt puts young people at a significant disadvantage as they begin their lives. They are often forced to delay important milestones, such as purchasing a home and starting a family.