ILLINOIS — An average student leaves college with nearly $30,000 in loans.
“Trying to pay back the loans would be problematic for me ’cause I’m not sure how long it’ll take me,” says UIS freshman Matthew Dorn.
“The education is worth it, but at the same time, it’s like, is it worth having to pay the government your whole life?” says UIS freshman Aaliyah Phillips.
That’s the question many students ask when it’s time to pay back loans. Rising student debt is a national epidemic.
Illinois Congressman Rodney Davis (R) says it’s time to take action. He proposed a new bill to give a tax break to companies which help pay off employees’ student debt.
“I’d be really thankful for it ’cause I don’t know how I’m going to pay for it,” says UIS freshman Chelsea Atakora.
If a business agrees, employees could get a tax-exempt benefit of up to $5,250 per year. He believes having more young adults out of debt quicker will give them a chance to contribute to the economy.
“If they can create legislation that helps with student debt, that would be a huge benefit to the housing market,” says Springfield realtor Mike Busher.
The housing market has seen a steady decrease of first-time home buyers. Those in the industry say something needs to be done.
“Anyway, they can eliminate some of the debt and some of that monthly payment makes them so much more likely to get a loan and they want to go buy a house.”