U.S. Sen. Tammy Baldwin, D-Wis., visited the University of Wisconsin-Madison Friday to hear the personal debt stories of students at a roundtable sponsored by the Associated Students of Madison.
Baldwin said unless something is done about growing student loan debt, it will take a toll on the national economy.
“This really represents our single most important investment in the people of this country, and in their future and their participation in the economy,” Baldwin said.
U.S. Rep. Mark Pocan, D-Wis., also discussed student loan debt when he introduced the Federal Student Loan Refinancing Act with 22 other legislators Friday.
The bill would allow graduates to refinance their student loans at a 4 percent interest rate. Baldwin said the measure would help boost America’s economy.
“It has been made almost impossible to refinance,” Baldwin said. “[The act] would relieve Americans of an incredible burden that they are carrying right now.”
Pocan came to UW-Madison last week to talk about the bill. He said in a Friday statement it would encourage students to spend money, rather than paying off debt, and stimulate the economy.
Baldwin said she hopes students would continue to be involved in the discussion of post-graduate debt.
“We have to create a very strong and very loud movement in order to ultimately be successful legislatively,” Baldwin said.
Baldwin added she is hopeful Congress will act on the legislation this year.
