MADISON, Wis. — Student loan debt continues to increase at alarming rates nationally and in Wisconsin, exceeding $1.5 trillion and $24 billion respectively.
As part of his budget plan, Gov. Tony Evers has directed his administration to develop a plan to provide common sense relief to state student loan borrowers, help them refinance their loans, just like you can with a mortgage.
The following are the statements of One Wisconsin Now Executive Director Analiese Eicher, who appeared today at a press event on Gov. Evers plan along with Lt. Gov. Mandela Barnes, State Treasurer Sarah Godlewski and Department of Financial Institutions Secretary-designee Kathy Blumenfeld:
“Wisconsin student loan borrowers are Democrats and Republicans, young and old, rural and urban, men and women, people of color and white.
“They all worked hard to get their education and took on the personal responsibility to pay for it, earning a fair shot at the middle class. But for too many, their share of the $1.5 trillion student loan debt crisis and a system that treats them unfairly stands in the way.
“Student loan debt is a crisis not just for borrowers and their families facing additional challenges to purchase homes, buy a car, save for their retirement or a child’s higher education. It is a drag on our entire economy, stifling entrepreneurism and consumer spending.
“The good news is Gov. Evers and his administration are committed to taking action to offer real relief with a common sense plan to help borrowers refinance their loans, just like you can with a mortgage.
“Over the last eight years we watched as student loan debt grew exponentially to over $1.5 trillion and Wisconsin became a top ten state in the nation for the percentage of college graduates with student loan debt.
“We’re grateful Gov. Evers, Lt. Gov. Barnes, Treasurer Godlewski and Secretary-designee Blumenfeld are stepping up to stop the cycle of debt and bring people together to provide help to hard-working Wisconsin student loan borrowers.”