Protecting Student Borrowers

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Student loans are a huge burden on many college graduates and can follow them for years. 

How many of your  friends went to college and came out with debt?

“Everyone of them that went to college has debt.,” Spencer Ooley’Dray said. 

“I’m right there as well,” Mason Bolton said.  

Spencer Ooley’Dray and Mason Bolton attend ISU. 

Both ended up thousands in debt and have spent the past year working to pay off their loans. 

“I had 12 thousand because I stayed on campus but I got that paid off really quickly savings and working and everything else,” Ooley’Dray said.  

“I’ve just forced on paying them off first and foremost, it’s been my number one priority,” Bolton said.

Neither one have ever missed a payment for their loans, but for millions of graduates paying on time has been a struggle, causing some states to have laws in place that allow officials to take away state professional, teaching, or drivers’ licenses for falling behind or being unable to pay back student loans

“The idea is is you’re making it even more difficult for these students to repay their debts and get further behind,” Congressman David Ciclline said.  

The ‘Protecting Jobs Act’ allow the government to continue using other debt collection methods and bankruptcy laws instead of taking away licenses. 

“It makes absolutely no sense to strip away a license from someone when they’re trying to payback their student loans,” Congressman Drew Ferguson said. 

For Ooley’Dray and Bolton their experience and knowledge from their higher education was priceless. 

“I would say you know, you are going to have student loan, there’s going to be some money thrown into it so make sure you really know what you know what you really want to do before you do it,” Bolton said.  

Currently American’s owe nearly 1.5 trillion in students loans with the average borrower owing around 30 thousand. 

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