Escalating college debt and rising rates of student loan defaults threaten to derail the benefits of higher education for Maine’s families and our economy. Money that normally would be spent at local businesses or to support household needs is tied up in loan payments and interest ― resulting in a loss of jobs, decreased spending, and reduced economic security for families.
Most college-going students expect to have to borrow to get their degrees. But the private financial companies that handle student loans on behalf of the federal government often make it harder, not easier, for Mainers to pay back what they borrowed.
How did we get here?