U.S. Senator Brian Schatz reintroduced legislation that will reverse the growing student debt crisis in the United States.
Schatz along with U.S. Representative Mark Pocan (D-Wis.) reintroduced The Debt-Free College Act. The bill aims to restore a means to afford college by providing states incentives through matching grants to increase investments in public higher education and provide students with debt-free college.
“Solving the student loan debt crisis means focusing on the full cost of college – that includes books, room and board, and supplies,” Senator Schatz said in a release from his office. “Our bill brings states back to the table and leverages federal dollars to reinvest in public education, and help students and their families cover the real cost of college.”
According to the release, the Debt-Free College Act would “establish a state-federal partnership that provides a dollar-for-dollar federal match to state higher education appropriations in exchange for a commitment to help students pay for the full cost of attendance without having to take on debt.”
The legislation was first introduced in 2018 and goes beyond tuition to ensure that students leave college without student loan debt.
“Every student in America deserves the opportunity to get a college education without student debt crushing them years after graduating,” Pocan said in the release. “The Debt-Free College Act creates a federal-state partnership that would make debt-free college a reality for students within five years. Student debt isn’t just tuition—it’s books, housing, supplies, and food, and this bill reflects the reality of those costs. If we truly believe in the value of our education system, then we should be making it easier for students to pursue higher education, not financially impossible. This bill is an integral first step to ensure that college is accessible to every person in this country.”
According to the Education Data Initiative, 72% of student debt holders believe their student loan debt will delay homeownership. A Board of Governors of the Federal Reserve System survey found that almost 50 percent of student loan borrowers who struggle to repay their loans said that they would miss or make partial student loan payments in an effort to cover a $400 emergency expense, while 13 percent said they would skip a rent or mortgage payment and 22 percent said that would skip a utility bill.
The Center for Law and Social Policy, Institute for Higher Education Policy, Southeast Asia Resource Action Center, Young Invincibles, The Education Trust, and Council for Opportunity in Education are among the groups and organizations to have publicly expressed support for the legislation.
Now in his 10th year of service, Schatz first assumed office in 2012 and his current term runs through 2029 after he won his last election last November with nearly 75% of the vote from a crowded field of five candidates.