According to the Institute for College Access & Success, the average debt for a Missouri graduate of a public or private 4-year college is more than $25,000. Nearly one million borrowers with outstanding federal student loans exist in Missouri, owing a total of more than $24 billion.
Senator Claire McCaskill (D-Missouri) supports a proposal in Congress that would allow graduates to refinance student loans.
“What’s really insulting about these high interest rates that students are having to pay is that they are paying them to the government,” said McCaskill. “So the government is profiteering off these young people who are just trying to get better educated.”
McCaskill sits on the U.S. Senate Aging committee and has also examined the issue of seniors’ Social Security payments being garnished to repay student loan debt.
“The tuition costs have skyrocketed in this country,” said McCaskill. “The costs for students have expanded way beyond the cost of inflation.”
McCaskill said the nation’s economy is going to be impacted if nothing is done about skyrocketing college tuition rates.
“It’s going to impact the strength of our nation. It’s going to impact our workforce. It’s going to impact the availability of higher education for more young people across this country and ultimately will have a dramatic impact on our competitiveness in the global world,” said McCaskill.
Missouri ranks 33rd in the nation for the amount of debt students graduate with.