In the past year, a number of people in the education sector have approached the federal government with concerns about the rising amount of student loan debt. Now, others from a wide range of industries are joining the debate. Farmers, lawyers, podiatrists, real estate agents, and many others are lobbying those in Congress with concerns about how student loans are affecting their employees and customers.
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Those who are paying back student loans often do so at the expense of other debt. Some put off purchases such as new vehicles or real estate, while others postpone their marriage or are unable to set aside funds for retirement. For many, student loan debt is extending far beyond simply paying for college.
Many people in industries outside of education are especially concerned about the next generation that will be moving upward in their careers over the next several decades as the older generation retires. As a National Farmers Union lobbyist points out, starting and maintaining a farm often requires a business loan, and younger farmers might have so much student loan debt that they will be denied the funds they need.
In response, Congress has created a number of bills that will result in different taxpayer cuts to those in specific industries, including giving support to employers who assist their employees in paying off student loans.
However, many of these bills are either stuck in committee or have been shelved until after theNovember elections.
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This article was provided by our partners at moneytips.com.