Garrett Introduces Student Security Act to Combat Student Debt and Empower Students

Press Release

Congressman Tom Garrett (R-VA), Member of the House Committee on Education and the Workforce, released the following statement on the introduction of the Student Security Act of 2017 (H.R. 4584):

"Over forty-million Americans, myself included, are paying back $1.3 trillion in student debt, yet Congress has shown little urgency to address this."

"No one can deny that millions of Americans face tens-of-thousands of dollars in debt-per-student. These economic pressures inhibit key life events, like home-buying, starting a family, and worst of all, harnessing ideas and starting businesses."

"If we fail to take substantive steps to change course, we will lose much of the potential from this generation. This loss would be devastating, as too would be the loss of its energy, ideas, and vision that create jobs and opportunity."

"The Social Security Administration projects the Student Security Program would save more than $700 billion over the lifetime of the program--over 11% of what's needed to make Social Security solvent for perpetuity."

"The time for action is now. This debt is a huge threat to America. Without action, opportunity and themselves hang in the balance. I will not stand idly by as Social Security goes bankrupt and Millennials drown in debt."

Background: The Student Security Act of 2017 seeks to allow $550 in student loan forgiveness -- roughly the average cost for one credit hour at a public university -- in exchange for raising a participant's full-retirement age for Social Security benefits by one month. This translates to $6,600 for every year in delayed benefits, with a maximum amount of $40,150 in debt relief which corresponds to a 6 year and 1 month raise in the retirement age.

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