The amount of money that today’s college students owe upon graduating from college is now epic, surpassing the $1 trillion mark, and second only to mortgage debt. California Rep. Karen Bass has introduced the Student Loan Fairness Act of 2013 to help ease some of their financial burden.
“Americans owe more in student loans than automobile or credit card debt. It’s crazy,” Bass said in an interview with BET.com. “Over the past 10 years, the average student loan debt has increased by 511 percent, with the majority of the debt being owed by those over the age of 30.”