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Massachusetts Senator wants student debt relief

Student loan debt has become an increasing problem for borrowers and the economy of Massachusetts and throughout the United States. One in three students has loans, making student loan debt an even bigger problem than credit card debt. Students are struggling to make ends meet as they graduate from college with a large amount of debt and are unable to find a job that pays enough to cover their loans. Often, students are unable to find debt relief and need to declare bankruptcy.

The economy is also suffering from student loan debt. Students graduating every year and facing mountains of debt are unable to buy homes or make other purchases that help keep the economy on the rise. Student loan debt now makes up around $1.2 trillion dollars of U.S. debt.

Massachusetts Senator Elizabeth Warren is calling for reform. Senator Warren has repeatedly tried to move the Bank on Students Emergency Loan Refinancing Act, which would allow students to refinance their loans to more manageable amounts.

Senator Warren's work has not gone unnoticed, and now other members of Congress are sponsoring bills like her Act. Borrowers, who could see a reduction in their interest rates, as well as better repayment plans, could live more affordably and continue to help the economy thrive.

While there is hope for future financial assistance from the government, students who are burdened by their loan debt could use help right now. If you find yourself unable to keep up with your student loan obligations, you may want to speak to an attorney who specializes in these matters. An attorney will review your options and help you find a plan that is comfortable for you.

Source: WAMC, "Part One Of Student Loan Series Assesses Legislative Efforts To Control Costs," Pat Bradley, Dec. 15, 2014

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