Student loan debt stops people from buying homes and having kids, Illinois attorney general says
Student loans are burying Americans in debt and forcing them to delay marriage, parenthood and home ownership.
That was the message from Illinois Attorney General Kwame Raoul, who testified on Tuesday during a hearing on student loan bankruptcy held by the U.S. Senate Judiciary Committee.
Senators said that nearly 44 million Americans owe more than $1 trillion, with the average graduate in debt for more than $28,000.
"Students are burdened with loans that they'll never pay off in their lifetimes," Raoul said. "Discharging these debts will allow students to have the lives they have been putting off, buying homes, getting married and even starting families."
Raoul urged the committee to pass legislation that will give student loan borrowers bankruptcy relief, something that he notes many for-profit schools have already taken advantage of.