Rep. Turco Hails House Passage Of Bill To Lower Student Loan Debt

Press release from CGA:

May 7, 2021

Vice Chair of the Higher Education and Employment Advancement Committee, championed the passage of H.B. 5895. This bill establishes a task force to study the amount of loan debt of students and graduates in the state, and to develop potential solutions that will reduce this debt.

“Connecticut has one of the most educated and highly trained workforces in the nation; however, this comes with significant student loan debt,” said Rep. Turco. “The Higher Education and Employment Advancement Committee has heard from many young people about the impact of this debt on their success in the state. Often, they are unable to buy a home, struggle to pay for basic necessities, and are unable to get the necessary advance degrees to be successful in their professions. This debt is holding hostage a generation of young people who our state will depend on into the future, and we will lose them to other states that have developed plans to help.”

In 2016, Connecticut had the highest average student loan debt in the nation. While the average has decreased over the past five years, the Connecticut average student loan debt of $34,900 remains well-above the national average.

While residents face particularly high student loan debt in Connecticut, it is one of the only states in the nation that does not provide state support to graduates.

HB 5895 creates a task force that will operate for six months to examine why Connecticut graduates face higher student loan debt than other states across the nation. Furthermore, the task force will complete a demographic analysis to understand how this debt impacts every individual in Connecticut. The task force will then offer solutions by January 1, 2022 in order to introduce legislation during next year's session.

The task force will be comprised of individuals from a variety of professional backgrounds in order to understand the impact of student debt from every perspective, including professionals from private and public colleges and universities, the banking industry, policymakers, students, and parents.

This press release was produced by CGA. The views expressed here are the author's own.