It’s not just you, 10% of members of Congress continue to repay Student Loans – The Financial Mag

More than 44 million Americans are collectively in debt to $ 1.5 trillion students, and almost no one even faces parts of Congress in the face of this problem. 115. Congress is believed to be the richest of all time, but Roll Call, the newspaper that covers congressional sessions, has found that approximately 10% of members of Congress are dependent on student debt for themselves or one of their members. family.

Of the 530 voters in Congress, 431 are in the House of Representatives along with 99 senators, with approximately 53 members listed for $ 1.8 million in financial appearances. Of the 53 members, 28 have a positive net worth and the rest are negative.

For example, California representative Ro Khanna has given a figure of $ 50,000 as a student loan with a net worth of more than $ 27 million, mainly due to his significant technological investments and his wife’s large family wealth. Khanna has stated that she has been fortunate and fortunate in her life to be in a situation where loans are not broken. He also mentioned that many people do not have a similar option.

Florida Representative Darren Soto, according to the methodology adopted by Roll Roll’s “Wealth in Congress” report, is among 25 delegates with a detrimental net worth. He still has a significant $ 75,000 loan and mentions that he understands the responsibility for making the repayment. He attributed his success to attending high school law school, which he said was key to his success. A congressional representative said that despite the outstanding balance of the loan, he has a net worth.

Are members of Congress justifying their positions by granting Student Loans?

How many members of Congress take home each year and it’s no small feat. These people pay about $ 176,000 a year, so paying off student loans shouldn’t have been an issue. This is especially true with members who have a positive net worth.

Figures are available for Soto and Khanna, among others, with about 25 delegates with student loans being Democrats and the remaining 28 being Republicans. The 16 members of Congress with student loans are working for the first time, but age is certainly not the first reason these people are still in debt.

Several delegates have taken out student loans to help family members, and it is reported that a Republican congressman owes more student loans than other members of the Senate. Trey Gowdy has more than $ 150,000 in student loans he got to fund his child’s education.

Student indebtedness is an event in American life

It is becoming more and more common in America to have large amounts of student debt. Today, almost 70% of students who pass college get significant student loans. According to research, most lenders expect them to be debt-free when they are over 40 years old.

Former President Barack Obama has spoken earlier that he, along with the former first lady, was still paying off student loans until he was 40 years old. They both completed their college and law studies with debt, and although they found good jobs, they barely paid to end up being members of the U.S. Senate.

Are all student loans essential equipment in America?

Given the high cost of education in America and the inability of the average American to finance his or her education with other resources, student loans have become a prerequisite. The easy availability of the funds that students need allows them to obtain the qualifications that a large number of American students need to succeed in life.

The average American chooses student loans and from there, joining with staff may justify the time it takes to settle debts. Most Americans are not paid the principal salary received by members of Congress, and they also have to take on additional debts, such as houses, vehicles, and so on. an individual with a net worth of millions but still holding on to the debt of his students.

Leave a Comment