Analiese Eicher: Progressives should follow Pocan and lead on student loan debt reform

U.S. Rep Mark Pocan deserves all the praise, and more, he received as a true progressive champion and the top vote-getting Democratic candidate for the House of Representatives in the November 2014 election in a recent Capital Times editorial.

In addition to the issues cited by the Cap Times, Pocan deserves kudos for his work as an outspoken champion of student loan debt reform.

There is no doubt that supporting student debt reform is good politics for Rep. Pocan, whose congressional district is anchored in Madison and features the states flagship public university. But it is also a smart for progressives in Wisconsin and nationally, with 40 million Americans, including nearly 1 million Wisconsinites, directly affected by student loan debt that now exceeds $1.2 trillion.

Beyond the direct impact of student loan debt on borrowers, in his maiden speech on the floor of the House of Representatives, Pocan noted how the ripple effect of the $1.2 trillion student loan debt crisis touches all of us through its significant, negative impact on our economy. Our research at One Wisconsin Institute, cited by Pocan, found that over $200 million in new vehicle sales are lost annually in Wisconsin due to student loan debt, and that student loan borrowers are far more likely to rent versus own their home.

More recent data has borne out Pocans concerns and emphasized the need for reform. A recently released analysis of the class of 2013 reveals that Wisconsin has risen to fourth highest in the nation for percentage of students graduating from college with student loan debt a sobering 70 percent and their average debt load was over $28,000.

The good news is that Pocan has gone beyond simply raising awareness in the media and among his colleagues about the student loan debt crisis and getting it on the consequences if left unchecked. He has proposed common-sense solutions that one would hope will be able to break through the partisan gridlock that mars modern politics.

Pocan, along with fellow Wisconsinites Sen. Tammy Baldwin, Rep. Ron Kind and Rep. Gwen Moore, have been at the forefront of the call to change the law to allow student loan borrowers to refinance their loans, just like you can a mortgage.

Pocan has also authored a bill to eliminate the marriage penalty for married taxpayers deducting interest paid on student loans from their federal taxes. Another of his bills would allow student loan borrowers receiving debt relief, who meet the conditions of their payment plan, to be exempt from taxation on the amount of the loan that is forgiven.

Student loan borrowers have done the right thing. Weve worked hard to get our education or job training and we took on the personal responsibility to pay for it. We arent asking for a bailout, just system that treats us fairly and allows us the freedom to enjoy the fruits of our labor.

Progressives would be wise to watch Pocans advocacy for student loan debt reform there are 40 million Americans watching and waiting for someone to speak to them about this critical issue that stands between them and the fair shot at the middle class that they have earned.

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Analiese Eicher: Progressives should follow Pocan and lead on student loan debt reform

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