With $1.4 trillion in outstanding student loan debt in the United States, Illinois state lawmakers are rightly exploring effective ways to improve the higher education financing system. Unfortunately for Illinois borrowers, the Student Loan Servicing Rights Act (SB 1351), currently on its way to the Governor’s desk, is misguided.
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Testimony of Winfield Crigler, Executive Director SLSA
There is currently $1.4 trillion in outstanding student loan debt, ($1.3 trillion) is federal loans, with more than $1 trillion owned by the U.S. Department of Education. The Department has entered into contracts with nine SLSA members to service all of its loans.
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Testimony of Winfield Crigler, Executive Director SLSA
Senate Information Hearing on “The Changing Face of Student Loan Servicing in California”
There is approximately $1.4 trillion in outstanding student loans ($1.3 trillion federal loans). More than $1 trillion (and the fastest growing piece) is made up of loans that are made and/or held by the U.S. Department of Education. I will therefore focus on federal loans in my testimony today.
