Reps. Jared Moskowitz, D-Fla., and Anna Paulina Luna, R-Fla., are working together to address the issue of ballooning college debt in America. They have introduced a bill that would cap federal student loan interest at 3%. Luna is planning to lobby Speaker Mike Johnson, R-La., for a House-wide vote on the bill, anticipating that it would garner enough support to pass under a two-thirds majority. She also suggested creating a discharge petition to pressure leadership into action on the issue.
The push for student loan reform comes after the Biden-Harris administration’s efforts at mass loan forgiveness have been blocked by GOP-led states and the Supreme Court. While President Biden has implemented more targeted forgiveness measures, there is still a need for broader reform of the student debt system. Both Luna and Moskowitz have heard from people on both sides of the aisle who are struggling to pay off their loans and believe the system needs to change to prevent Americans from being burdened with debt for the rest of their lives.
Despite the hyper-partisan environment of an election year, both Luna and Moskowitz are focused on making progress on the issue of student loan debt. They are not concerned about giving the other side a win, as they believe that addressing this issue is more important than political credit. Luna hopes that Democrats will support the legislation based on its merits rather than its partisan origins. Their goal is to provide relief to the millions of Americans who are burdened by student loan debt.
As of the end of 2023, approximately 43 million Americans carry a total of $1.6 trillion in student loan debt, with nearly 95% of that debt in federal loans. The average federal student loan interest rate is 5.99%, which contributes to the challenge of paying off these loans. The bill introduced by Moskowitz and Luna seeks to cap federal student loan interest at 3%, providing relief to borrowers who are struggling to make payments and preventing them from being overwhelmed by high interest rates.
Despite the challenges of passing legislation in a divided Congress, Luna and Moskowitz are determined to advocate for student loan reform. They believe that their bill has the potential to garner bipartisan support and help address the student debt crisis facing millions of Americans. By working together across party lines and focusing on the needs of the American people, they hope to make progress on this critical issue and provide relief to those who are burdened by student loan debt.
In conclusion, the collaboration between Reps. Jared Moskowitz and Anna Paulina Luna on the issue of student loan debt highlights the bipartisan support for addressing this pressing issue. Their bill to cap federal student loan interest at 3% is a step towards providing relief to millions of Americans who are struggling to repay their loans. Despite the challenges of passing legislation in a divided Congress, they are committed to advocating for reform and working towards a solution that will help alleviate the burden of student debt on individuals and families across the country.
