After graduating from college and medical school, I found myself buried under $240,000 in debt at age 26! Combined with my wife's law school loans, we owe in excess of $350,000. This debt has forced us to delay starting a family, and will cripple our efforts to save for a home or retirement for years to come. I know I am not alone. My average interest rate is 6% despite a current 30-year mortgage rate of 3-4%. This is disgraceful. Hard-working young people should be rewarded for investing time and money into advanced education, and the government has not done nearly enough to help.
Act now to prevent a new national debt crisis by offering a federally backed low-interest consolidation option for all graduates. Special direct consolidation didn't make a dent. Do something.
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