Committee Chair Urges Student Loan Reform

In an article published by Education & The Workforce Committee, Rep. Virginia Foxx, R-N.C., writes that the nation needs to move closer to addressing soaring student loan debt and the overall cost of higher education.

The piece pushes for improvements to the federal student aid program. Foxx is chair of the Subcommittee on Higher Education and Workforce Training.

"Many students take out loans when other financial assistance is available. It is time to streamline the confusing maze of aid and grant programs, and make it easier for students and families to apply for help," she wrote.

Foxx urged Washington to encourage competency-based education to help students earn a degree at a faster pace and lower cost.

"Congress should also strengthen the options available for students to repay their loans. The current system encourages students to borrow more than they need and can afford. We should pursue policies that ensure low-income individuals get the help they need, while also protecting taxpayer dollars," she wrote.

Foxx took the opportunity to criticize President Obama's policies in the article.

"Many college graduates are delaying some of life’s most important decisions – including starting a family and buying a home – because they face a pile of debt with no job prospects," Foxx wrote. "A record number of young adults live with their parents and roughly half of college graduates under the age of 26 rely on mom and dad for financial help. President Obama wants people to believe that shaving a few dollars off monthly student loan payments will solve the problems plaguing graduates. That’s the essence of a proposal being touted on the campaign trail that would raise taxes and allow some graduates to refinance federal student loans. Let’s be honest: This scheme is more about helping politicians survive an election than helping graduates survive the Obama economy.  

"Life after graduation should be filled with hope and excitement. For far too many, it’s become a time of hopelessness and anxiety. Countless college graduates are struggling because of the president’s failed economic and education policies. Let’s stop treating young adults as political pawns and start working together to ensure they can build the future they deserve."

For the full article, click here.