Democrats pushing bill to help fight student debt

Now there needs to be legislation

Pushed by Wisconsin democratic lawmakers for months, a bill that would help those deal with crushing student loan burdens finally gets a hearing this week in Madison. 

La Crosse state senator Jennifer Shilling says better late than never. Now, if there could just be some legislative votes on a bill that would, among other things, allow refinancing to lower interest rates, which is essential for those with mountains of debt. 

“There’s no reason why we should not be able to help these young people and, actually, more and more people who are in the mid-level of their careers,” Shilling said, “and maybe are seeing themselves having to go back to school to get retrained. They also are becoming saddled with debt.”

Shilling says, with over 800,000 Wisconsinites carrying $19 billion worth of student loan debt, not helping to ease that burden threatens to disrupt the larger economy.

The measure pushed by democrats would also allow greater state tax deductions for student loan interest and provide more information on borrowing to students and parents as a way to increase financial literacy.