CHADDS FORD, Pa.– May 30, 2018 —CNBC recently profiled the results of a survey posted on the website Credible, which gauged Americans’ knowledge of their student loan interest rates. More than 9 out of 10 people scored less than 50 percent on the 6 question quiz.
In regards to this CNBC revelation, Greg McCauley, candidate for the U.S. House of Representatives in Pennsylvania’s 6th District issued the following statement:
“The revelation that a majority of people do not understand aspects of their student loans, such as their loans’ interest rates, is not surprising at all. This is why the student loan debt crisis has spiraled out of control.
“As I’ve proposed, moving student loan debt into a low interest (2.59%) bond without liability for the taxpayer will enable the next generation to pay off their loans faster with smaller monthly payments. Smaller monthly payments that eat away at the principal on their loans, frees up more personal income for them to live the American Dream; to buy large ticket, rite-of-passage items like homes and engagement rings; to feel financially secure to start a family.
“I will reiterate; we must take legislative action immediately to ensure that the American Dream is not stolen from the next generation. When I am elected to the U.S. House of Representatives, I will make it my priority to do just that.”