Wirch Co-Sponsors Student Debt Relief Bill               

Madison – Senator Bob Wirch (D-Kenosha) has signed on to co-sponsor “Higher Ed, Lower Debt” legislation to provide relief to current and former college students trapped under massive student loan debt. 

“This is a common-sense, state-level solution will alleviate some of the financial pressures faced by those with student loan debt.  Student loan debt is a real drag on our economy; it prevents people from buying cars, buying homes, taking vacations, spending in our local shops,” said Wirch.

“Higher Ed, Lower Debt” legislation would allow student loan borrowers to refinance student loans at a lower rate, similar to a mortgage or car payment, and deduct their student loan payments from their income tax, leading to potentially-significant tax savings.  It puts more money in the pockets of middle-class families, which they can then spend in our communities, providing an economic stimulus.

“Student loan debt has become an increasingly serious problem.  It doesn’t just impact young people and those fresh out of college; people often carry student debt into their 30s, 40s or later.  It impacts people of all races, all genders and all political persuasions. It’s people who went to four-year universities and people who went to technical college for job training. The bill would provide a little help to those struggling and give a boost to the economy,” Wirch said.

Wisconsin currently ranks in the top five states for highest student loan debt.  Wisconsinites owe a cumulative $19 billion in student debt, with the average borrower owing $29,460.  Studies have shown that home ownership is significantly lower among households with student debt than those without and that people with student debt have much less set aside for retirement than those without.