Today Congresswoman Karen Bass (D -- Calif.) introduced The Student Loan Fairness Act of 2013 to address the out of control debt being placed on the backs of over 37 million student loan borrowers across the country and end the need for Congress to continue enacting short-term deals to stop interest rates from doubling, which is set to take effect July 1.
Student loan debt has surpassed the $1 trillion dollar mark -- making it second only to mortgage debt. Americans owe more in student loan debt then credit card or automobile debt and it continues to grow. Over the past 10 years, the average student loan debt has increased by %511 with the majority of the debt being owed by those over the age of 30.
For these young adults, student loan debt is hampering their ability to contribute to America's economic growth as they are forced to delay decisions on purchasing a home, starting a business or making smart investments because they are buried under the weight of student loan debt.