June 5, 2014 - Yesterday, Chairman Patty Murray (D-WA) and the Senate Budget Committee held a hearing on the Impact of Student Loan Debt on Borrowers and the Economy with majority witnesses Rohit Chopra, Student Loan Ombudsman at the Consumer Financial Protection Bureau, and Brittany Jones, recent college graduate and Former President of the Student Virginia Education Association.
In her opening statement, Chairman Murray addressed how student loan debt has lasting repercussions for young adults as they start their careers, and holds back the economy by limiting borrowers’ economic activity.
“More young people than ever before are dealing with more student debt than ever before. And that can have lasting consequences. Americans who took out school loans can find it difficult to save and accumulate wealth. A recent study found that college graduates without student debt had accumulated seven times more wealth than those who are paying back school loans.<...