ICYMI: Senator Chuck Grassley on 3 Ways To Lower Student Loan Debt
By Zack Friedman
Want to cancel your student loan debt? One U.S. senator says focus instead on these 3 ways to tackle your student loan debt. Here's what you need to know.
Sen. Chuck Grassley (R-IA) says that if you want to tackle student loan debt, cancelling student loan debt is not the answer. In a Washington Examiner editorial, Grassley says instead to focus on the underlying problems that cause high college tuition and student loan debt.
Grassley recognizes that the cost of college is too expensive, citing that student borrowers in his home states of Iowa owe, on average, about $30,000 of student loan debt. He also recognizes that it's difficult for students to compare scholarships and financial aid awards across colleges. As a result, students may borrow too much money or make less informed decisions.
To help reduce student loan debt and help students make better decisions, Grassley offers three legislative proposals. Let's see how they can help you.
  1. Net Price Calculator Improvement Act
Intended Result: With student loan calculators, students are more informed about their educational choices, while colleges and universities are more focused on cost transparency, which could lead to lower tuition as they compete for students.
  1. The True Cost of College Act
Intended Result: Increased transparency means students are more empowered to make better financial decisions.
  1. The Know Before You Owe Federal Student Loan Act
Intended Result: Students can make more informed financial decisions while in school so they effectively can manage their student loan debt after graduation.
If you have student loans and want to know how to pay them off faster, make sure you understand all your options.