Greg McCauley vows to make the issue a priority when elected to Congress in Pennsylvania’s 6th District.
CHADDS FORD, Pa. — May 22, 2018 —According to the Department of Education and The National Student Loan Data System, approximately 44 million American borrowers owe over $1.48 trillion in student loan debt. That’s about $620 billion more than the total U.S. credit card debt.
Regarding this looming financial crisis, Greg McCauley, candidate for the U.S. House of Representatives in Pennsylvania’s 6th District made the following statement:
“As a career tax attorney and entrepreneur I have extensive knowledge of personal budgets. I see a looming train wreck for our nation’s young adults stemming from the student loan debt crisis.
“With interest rates ranging from 4.8% to 13%, loan payments eat away at a graduate’s monthly budget. We are handicapping our next generation as the payments they make only cover interest. Simply put, this debt looks more like a 30 year mortgage. This dent in their monthly budget prevents them from fully engaging in the economy through the purchase of large ticket items like homes, cars, and even engagement rings.
“It’s time that we take legislative action to ensure that the American Dream is not stolen from the next generation and when I am elected to the U.S. House of Representatives, I will make it my priority to do just that.
“My plan involves moving student loan debt into a low interest (2.59%) bond without liability for the taxpayer. Consequently, banks will have $1.4 trillion more to lend to small businesses. Our next generation will receive the American Dream and small business will receive loans to grow the economy and job market. Small business make big jobs!”