How A lot Pupil Mortgage Debt Do Members Of Congress Have?


Student Loan Debt In Congress

Provided that Congress is answerable for creating the legal guidelines and insurance policies surrounding scholar mortgage debt, we questioned – how a lot scholar mortgage debt do members of Congress even have?

Since they’re presupposed to be “representatives” of the nation – can members of Congress truly relate to the struggles of thousands and thousands of scholar mortgage debtors on this nation?

Pupil mortgage debt (and better training coverage basically) is complicated, nuanced, and has a number of shifting elements. Until you’ve got lived by borrowing to pay for school and navigating compensation after faculty, it is almost inconceivable to narrate.

So, we spent the previous couple of months going by the latest monetary disclosures for each member of Congress, and we’re what we came upon.

Pupil Mortgage Debt Statistics

Let’s begin by placing some context into the present scholar mortgage debt disaster.

Right here is the place scholar mortgage debt at the moment stands. There are 45 million Individuals with roughly $1.7 trillion in scholar mortgage debt. Based on the US Census, there are at the moment about 332,400,000 individuals in the USA, so meaning 13.5% of all Individuals have scholar mortgage debt at the moment. 

Nevertheless, if you would like a greater metric, there are 258,000,000 adults in the USA (since you will not have scholar loans should you’re underneath 18). So, meaning 17.4% of adults in the USA have scholar mortgage debt at the moment.

Listed below are another statistics to contemplate:

  • Common scholar mortgage debt: $39,351
  • Median scholar mortgage debt: $19,281
  • Common scholar mortgage month-to-month cost: $393
  • Median month-to-month cost on scholar mortgage debt: $222
  • Proportion of debtors with rising mortgage balances: 47.5%
  • Proportion of debtors who’re greater than 90 days delinquent: 4.67%
  • Common debt load for 2021 graduates: $30,600 (see the common scholar debt by graduating class right here)

It is also vital to do not forget that scholar mortgage funds have been paused since March 2020. However complete scholar mortgage balances are rising as a result of annually new faculty college students are coming into faculty or ending faculty and including to the entire mortgage steadiness.

Let’s examine how this compares with Congress.

Total View Of Pupil Mortgage Debt In Congress

In analyzing the latest monetary disclosure statements for all members of Congress, we discovered that:

  • 44 members within the Home of Representatives have scholar loans of their family (this consists of each loans they individually borrowed and loans they could be co-signers for his or her youngsters on)
  • Of the 44, ten of the Representatives’ spouses had scholar loans
  • 3 members within the Senate have scholar loans, with one in every of them belonging to their partner
Congress Student Loan Debt

While you begin evaluating Congress to the American inhabitants as an entire, the variety of Congressmen with scholar loans is a below-average illustration of America.

  • Solely 10.1% of the Home of Representatives has scholar mortgage debt, vs. 13.5% of Individuals
  • Solely 3% of the Senate has scholar mortgage debt, vs. 13.5% of Individuals

It does seem that the median quantity of scholar mortgage debt reported by Congress does align (and truly skews somewhat greater) than the typical American – with 24 members of Congress reporting between $15,001 and $50,000 in scholar mortgage debt of their family. Here is what members of Congress reported as their steadiness of scholar loans through their monetary disclosure statements:

Necessary Notice: Solely balances above $10,000 are reported. There could also be extra members with balances beneath this quantity.

Throughout our analysis, we additionally found that six Representatives had paid off or eradicated their scholar mortgage debt since their 2019 monetary disclosure. These members are:

  1. Rep. Tony Cardenas (D-CA-29)
  2. Rep. Andre Carson (D-IN-7)
  3. Rep. Jody Hice (R-GA-10)
  4. Rep. Conor Lamb (D-PA-17)
  5. Rep. Jimmy Panetta (D-CA-20)
  6. Rep. Raul Ruiz (D-CA-36)

Let’s break it down by every chamber of Congress.

Which Members Of The Home Of Representatives Have Pupil Mortgage Debt?

Within the Home of Representatives, 44 out of 435 members have scholar loans of their households. Of this, the one scholar loans for 10 members belonged to their partner.

This represents 10.1% of Home members having scholar loans of their family.

House of Representatives Student Loan Debt

The median quantity of scholar mortgage debt reported by members within the Home is $15,001 to $50,000. It is vital to notice that many members who’ve borrowed scholar loans pursued some superior levels. It is also vital to do not forget that a “common” Home member’s wage is at the moment $174,000 per 12 months (although they probably have greater bills than most Individuals as properly).

Lastly, I am certain somebody will need the partisan breakdown, so right here you go:

  • 26 Democrats have scholar loans
  • 18 Republicans have scholar loans

Here is a full breakdown of who has scholar loans within the Home of Representatives, together with some notes about who the coed mortgage could also be for (akin to a partner, or a co-signed mortgage for a kid).

The common age of a scholar mortgage borrower within the Home of Representatives is 50, and on common they’ve two youngsters. Age and youngsters could be a good perception as as to if the coed mortgage is their very own, or whether or not the mortgage is for his or her youngsters. Some members of Congress disclose this on their statements, however many don’t, so we wished to incorporate it.

Rep. Nanette Barragan (D-CA-44)

Co-Signer for Personal Loans

Rep. Gus Bilirakis (R-FL-12)

Co-Signer for Personal Loans

Rep. Brendan Boyle (D-PA-2)

Rep. Salud Carbajal (D-CA-24)

Rep. John Carter (R-TX-31)

Co-Signer for Personal Loans

Rep. Gerry Connolly (D-VA-11)

Rep. Sharice Davids (D-KS-3)

Rep. Antonio Delgado (D-NY-19)

Rep. Byron Donalds (R-FL-19)

Each Rep & Partner Loans

Rep. Veronica Escobar (D-TX-16)

Each Rep & Partner, and Cosigner for Personal Loans

Rep. Michelle Fischbach (R-MN-7)

Rep. Scott Fitzgerald (R-WI-5)

Rep. Andrew Garbarino (R-NY-2)

Rep. Jared Golden (D-ME-2)

Rep. Jimmy Gomez (D-CA-34)

Rep. Josh Gottheimer (D-NJ-5)

Rep. Jahana Hayes (D-CT-5)

Rep. Mondaire Jones (D-NY-17)

Rep. Trent Kelly (R-MS-1)

Rep. Raja Krishnamoorthi (D-IL-8)

Rep. Sheila Jackson Lee (D-TX-18)

Rep. Kevin McCarthy (R-CA-23)

Rep. Tom McClintock (R-CA-4)

Rep. Stephanie Murphy (D-FL-7)

Rep. Joseph Neguse (D-CO-2)

Rep. Alexandria Ocasio-Cortez (D-NY-14)

Rep. Burgess Owens (R-UT-4)

Rep. Stacey Plaskett (D-USVI)

Rep. David Schweikert (R-AZ-6)

Rep. Jason T. Smith (R-MO-8)

Rep. Lloyd Smucker (R-PA-11)

Co-Signer for Personal Loans

Rep. Darren Soto (D-FL-9)

Rep. Greg Stanton (D-AZ-9)

Rep. Greg Steube (R-FL-17)

Rep. Eric Swalwell (D-CA-15)

Rep. Rashida Tlaib (D-MI-13)

Rep. Nikema Williams (D-GA-5)

Home Training and Labor Committee

The Home Training and Labor Committee is the group inside the bigger Home of Representatives answerable for spearheading greater training laws, together with any probabilities to scholar mortgage coverage. That is the group that might debate the Larger Training Act re-authorization (which is the umbrella for many monetary help and scholar mortgage insurance policies).

It is at the moment composed of 53 members – 29 Democrats and 24 Republics.

Of these 53 members, solely 6 members (11.3%) have scholar mortgage debt. 3 Democrats and three Republicans on the committee have scholar loans.

That signifies that the massive majority of individuals making greater training coverage wouldn’t have scholar loans.

Which Members Of The Senate Have Pupil Mortgage Debt?

Solely 3 out of 100 Senators have scholar loans of their households. Of this, one of many Senator’s solely reviews scholar loans for his or her partner.

This represents simply 3% of the Senate having scholar mortgage debt of their family.

Senators with Student Loan Debt

All three Senators who reported scholar loans of their households reported between $15,001-$50,000 in scholar mortgage debt. Once more, every Senator receives an annual wage of $174,000 per 12 months.

From a partisanship perspective, all three Senators with scholar mortgage debt are Democrats.

Here is a full breakdown of who has scholar loans within the Senate, together with some notes about who the coed mortgage could also be for (akin to a partner, or a co-signed mortgage for a kid).

Sen. Christopher S. Murphy (D-CT)

Sen. Kyrsten Sinema (D-AZ)

Senate Committee on Well being, Training, Labor, and Pensions

The Senate Committee on Well being, Training, Labor, and Pensions is the group answerable for spearheading greater training laws within the Senate. That is the accomplice of the group within the Home that might additionally oversee greater training matters.

It is at the moment composed of twenty-two members – 11 Democrats and 11 Republics. That represents 4.5% of the committee.

Of these 22 members, only one member (Sen. Christopher S. Murphy) has scholar mortgage debt. 

What Does This Imply For Coverage?

I believe it is fascinating to see what number of members of Congress have scholar loans, what balances they’ve, and who’s loans they could have as a result of it provides you an thought of whether or not “does this particular person relate to my scenario”.

After we’re having coverage discussions on reforming scholar loans, scholar mortgage forgiveness, monetary help, and extra, it is vital to know if these in energy and making coverage even totally perceive the entire state of affairs – the maths and the psychology.

That is to not say that individuals who do not have scholar loans or wanted monetary help cannot relate – however once we’re electing individuals to signify us, they need to signify us – who we’re, what we’re. The Home of Representatives is a a lot nearer illustration, with 10.1% of members having scholar loans, and a scholar mortgage steadiness near the typical.

Nevertheless, the Senate is actually skewed, with solely 3 members (or 3%) having scholar loans. To not point out that the median age within the Senate is 68 years previous – meaning the final time they needed to make selections round monetary help, paying for school, or scholar loans personally was within the early Seventies…

As we proceed to ask our representatives to repair the upper training and scholar mortgage system, we additionally must hold this relate-ability in thoughts – and perhaps elect representatives that higher replicate our circumstances.

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