College affordability and education debt are no longer just a burden—they have become a barrier to the American Dream.
Minnesota ranks fifth in the nation for student debt, with the average student debt load at $37,492 for state college students, according to the Student Borrower Protection Center.
Attacking the education debt crisis—a massive, billion-dollar problem—requires overhauls at the federal and state level.
The time is now to offer critical support to the 775,300 Minnesotans with student loan debt. This includes legislation
that would:
- Create a student loan advocate position within the Department of Commerce to assist and protect student loan borrowers from the bad practices of student loan servicers.
- Hold student loan servicers accountable for meeting standards for information-sharing, customer service and representing the interests of borrowers in transactions.
Out-of-state corporations are taking advantage of Minnesotans. Minnesota can join the 15 other states and counting who are stepping up to provide an advocate who will protect borrowers.
Learn more: Student loan advocacy and education debt relief issue brief
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