Student Loan Liabilities Burden California Politicians
Student loan burden is not only a cause of concern for graduates but also for those running for political offices in California.
A new study has found that seven candidates in California who are running for Congress this year owe at least $10,000 in student loans.
The study conducted by American Financial Benefits Center (AFBC) finds that Eric Swalwell representing California’s 15th congressional district has a student loan burden of $100,000 and doesn’t own a home because he is not able to pay off his debts.
“That means that about one of every six politicians campaigning for office understands in highly personal terms what it means to owe student loan debt,” AFBC statement reads.
“Though California is the fifth-biggest economy in the world and this is a relatively small number of politicians, it is still significant that a growing number of representatives face the same challenges as millions of other Americans who carry $1.5 trillion in student loan debt.”
Along with Eric, three legislators had to take out debts to pay for their children’s tuition while seven other legislators who were voted into office in last six years are still grappling to pay their student debts. “Student loan debt is a national crisis that impacts more than 44 million borrowers,” Sarah Molina, manager at AFBC said.
“Politicians now have personal experience with student loans and, like us, should work tirelessly every day to provide solutions to those overwhelmed by student loan debt,” she added.
Nationwide, 53 congressmen out of 530 owe $1.8 million in debt with negative net worth.