How A lot Pupil Mortgage Debt Do Members Of Congress Have?

On condition that Congress is accountable for creating the legal guidelines and insurance policies surrounding scholar mortgage debt, we questioned – how a lot scholar mortgage debt do members of Congress even have?

Since they’re purported to be “representatives” of the nation – can members of Congress truly relate to the struggles of thousands and thousands of scholar mortgage debtors on this nation?

Pupil mortgage debt (and better schooling coverage generally) is advanced, nuanced, and has a number of transferring elements. Until you have lived by means of borrowing to pay for faculty and navigating reimbursement after faculty, it is practically not possible to narrate.

So, we spent the previous few months going by means of the latest monetary disclosures for each member of Congress, and we’re what we came upon.

Pupil Mortgage Debt Statistics

Let’s begin by placing some context into the present scholar mortgage debt disaster.

Right here is the place scholar mortgage debt presently stands. There are 45 million Individuals with roughly $1.7 trillion in scholar mortgage debt. In line with the US Census, there are presently about 332,400,000 individuals in america, so meaning 13.5% of all Individuals have scholar mortgage debt presently. 

Nonetheless, if you would like a greater metric, there are 258,000,000 adults in america (since you will not have scholar loans when you’re below 18). So, meaning 17.4% of adults in america have scholar mortgage debt presently.

Listed below are another statistics to contemplate:

• Common scholar mortgage debt: $39,351
• Median scholar mortgage debt: $19,281
• Common scholar mortgage month-to-month cost: $393
• Median month-to-month cost on scholar mortgage debt: $222
• Share of debtors with rising mortgage balances: 47.5%
• Share of debtors who’re greater than 90 days delinquent: 4.67%
• Common debt load for 2021 graduates: $30,600 (see the average student debt by graduating class here)

It is also necessary to do not forget that scholar mortgage funds have been paused since March 2020. However complete scholar mortgage balances are rising as a result of annually new faculty college students are getting into faculty or ending college and including to the full mortgage stability.

Let’s have a look at how this compares with Congress.

General View Of Pupil Mortgage Debt In Congress

In analyzing the latest monetary disclosure statements for all members of Congress, we discovered that:

• 44 members within the Home of Representatives have scholar loans of their family (this contains each loans they individually borrowed and loans they could be co-signers for his or her kids on)
• Of the 44, ten of the Representatives’ spouses had scholar loans
• 3 members within the Senate have scholar loans, with certainly one of them belonging to their partner

While you begin evaluating Congress to the American inhabitants as a complete, the variety of Congressmen with scholar loans is a below-average illustration of America.

• Solely 10.1% of the Home of Representatives has scholar mortgage debt, vs. 13.5% of Individuals
• Solely 3% of the Senate has scholar mortgage debt, vs. 13.5% of Individuals

It does seem that the median quantity of scholar mortgage debt reported by Congress does align (and really skews a little bit larger) than the common American – with 24 members of Congress reporting between $15,001 and $50,000 in scholar mortgage debt of their family. Here is what members of Congress reported as their stability of scholar loans by way of their monetary disclosure statements:

Essential Notice: Solely balances above $10,000 are reported. There could also be extra members with balances under this quantity.

Throughout our analysis, we additionally found that six Representatives had paid off or eliminated their student loan debt since their 2019 monetary disclosure. These members are:

1. Rep. Tony Cardenas (D-CA-29)
2. Rep. Andre Carson (D-IN-7)
3. Rep. Jody Hice (R-GA-10)
4. Rep. Conor Lamb (D-PA-17)
5. Rep. Jimmy Panetta (D-CA-20)
6. Rep. Raul Ruiz (D-CA-36)

Let’s break it down by every chamber of Congress.

Which Members Of The Home Of Representatives Have Pupil Mortgage Debt?

Within the Home of Representatives, 44 out of 435 members have scholar loans of their households. Of this, the one scholar loans for 10 members belonged to their partner.

This represents 10.1% of Home members having scholar loans of their family.

The median quantity of scholar mortgage debt reported by members within the Home is $15,001 to $50,000. It is necessary to notice that many members who’ve borrowed scholar loans pursued some superior levels. It is also necessary to do not forget that a “common” Home member’s wage is presently $174,000 per 12 months (although they probably have larger bills than most Individuals as properly).

Lastly, I am certain somebody will need the partisan breakdown, so right here you go:

• 26 Democrats have scholar loans
• 18 Republicans have scholar loans

Here is a full breakdown of who has scholar loans within the Home of Representatives, together with some notes about who the scholar mortgage could also be for (corresponding to a partner, or a co-signed mortgage for a kid).

The common age of a scholar mortgage borrower within the Home of Representatives is 50, and on common they’ve two kids. Age and kids could be a good perception as as to if the scholar mortgage is their very own, or whether or not the mortgage is for his or her kids. Some members of Congress disclose this on their statements, however many don’t, so we needed to incorporate it.

You may search the House Financial Disclosures here.

Home Training and Labor Committee

The Home Training and Labor Committee is the group inside the bigger Home of Representatives accountable for spearheading larger schooling laws, together with any probabilities to scholar mortgage coverage. That is the group that will debate the Increased Training Act re-authorization (which is the umbrella for many monetary assist and scholar mortgage insurance policies).

It is presently composed of 53 members – 29 Democrats and 24 Republics.

Of these 53 members, solely 6 members (11.3%) have scholar mortgage debt. 3 Democrats and three Republicans on the committee have scholar loans.

That implies that the big majority of individuals making larger schooling coverage don’t have scholar loans.

Which Members Of The Senate Have Pupil Mortgage Debt?

Solely 3 out of 100 Senators have scholar loans of their households. Of this, one of many Senator’s solely studies scholar loans for his or her partner.

This represents simply 3% of the Senate having scholar mortgage debt of their family.

All three Senators who reported scholar loans of their households reported between $15,001-$50,000 in scholar mortgage debt. Once more, every Senator receives an annual wage of $174,000 per 12 months.

From a partisanship perspective, all three Senators with scholar mortgage debt are Democrats.

Here is a full breakdown of who has scholar loans within the Senate, together with some notes about who the scholar mortgage could also be for (corresponding to a partner, or a co-signed mortgage for a kid).

You may search the Senate Financial Disclosures here.

Senate Committee on Well being, Training, Labor, and Pensions

The Senate Committee on Well being, Training, Labor, and Pensions is the group accountable for spearheading larger schooling laws within the Senate. That is the companion of the group within the Home that will additionally oversee larger schooling subjects.

It is presently composed of twenty-two members – 11 Democrats and 11 Republics. That represents 4.5% of the committee.

Of these 22 members, only one member (Sen. Christopher S. Murphy) has scholar mortgage debt. 

What Does This Imply For Coverage?

I feel it is fascinating to see what number of members of Congress have scholar loans, what balances they’ve, and who’s loans they could have as a result of it provides you an concept of whether or not “does this individual relate to my state of affairs”.

After we’re having coverage discussions on reforming student loans, student loan forgiveness, monetary assist, and extra, it is necessary to know if these in energy and making coverage even totally perceive the entire state of affairs – the mathematics and the psychology.

That is to not say that individuals who do not have scholar loans or wanted monetary assist cannot relate – however after we’re electing individuals to symbolize us, they need to symbolize us – who we’re, what we’re. The Home of Representatives is a a lot nearer illustration, with 10.1% of members having scholar loans, and a scholar mortgage stability near the common.

Nonetheless, the Senate is de facto skewed, with solely 3 members (or 3%) having scholar loans. To not point out that the median age within the Senate is 68 years outdated – meaning the final time they needed to make choices round monetary assist, paying for faculty, or scholar loans personally was within the early Seventies…

As we proceed to ask our representatives to repair the upper schooling and scholar mortgage system, we additionally must hold this relate-ability in thoughts – and possibly elect representatives that higher mirror our circumstances.