Dear Mr. Hartmann:
Thank you for contacting me regarding student loan debt. I appreciate hearing from you on this important issue.
It’s no secret that the cost of attending college has risen dramatically over the past few decades. The total student loan balance is more than a trillion dollars, and the student loan delinquency rate is the highest of all forms of debt, higher than credit cards, mortgages, or auto loans. Many borrowers are struggling financially, which is why Congress included temporary relief in the Coronavirus Aid, Relief and Economic Security Act (CARES Act). Under this law, interest rates on all federal student loans were temporarily reduced to 0 percent and were automatically placed in administrative forbearance, allowing borrowers to suspend payments.
Many student loan borrowers worked tirelessly over the years to responsibly plan and pay off their student loans, and ultimately, the borrower made a choice to take out student loan debt. I believe it is the responsibility of the borrower to pay off what they borrowed, and it would be unfair for the millions of Americans who have already paid off their own student loans, or those who never had them to begin with, to pay off the student loan debt of others. I believe we must find a way forward to help these student loan borrowers pay down their debt and ensure the system is fair to them, as well as for those who came before them.
Again, thank you for your thoughts on this issue. Please stay in touch on this or any other issue important to you and your family.
United States Senator