MINNEAPOLIS (WCCO) — Minnesota Senator Amy Klobuchar is addressing the growing economic crisis of debt from student loans. Right now, 40 million Americans hold $1.3 trillion in student loan debt.
Klobuchar hosted a forum in Washington Wednesday. It included Southwest Minnesota State University student Chelsey Jo Herrig, who worked all through college, but still faces $45,000 in loans when she graduates in December.READ MORE: 5 St. Cloud Bank Employees Unharmed After Hourslong Hostage Ordeal; Ray Reco McNeary In Custody
“We, the ones who are struggling with student debt, aren’t able to give back to the economy,” Herrig said. “We can’t purchase a car, or a house.”READ MORE: How Much Is A Mother's Work Worth?
“If they are spending all their money on student loans because we haven’t done a good enough job of keeping tuition down, or good enough job making the loans affordable, that’s not going to be good for anyone,” she said.MORE NEWS: COVID Restrictions: Walz To End Capacity Restrictions By May 28, Mask Mandate By July 1
Part of Klobuchar’s plan is to refinance their loans, which would bring interest rates down to 3.8 percent from the 7 to 9 percent many are paying now.