A recent study reported Wisconsin has the eighth highest percentage of college graduates leaving school nationwide and the 14th highest debt for an average college graduate.
Sixty-eight percent of college graduates in Wisconsin finish school with debt, according to the Institute for College Access and Success, with the University of Wisconsin-Madison carrying an average of 49 percent. The study also reported average student debt statewide is $28,102 and $24,700 for UW-Madison.
College debt has been a growing issue both in Wisconsin and nationally, as legislators on both state and federal levels repeatedly discuss efforts to curb the issue’s penchant for expanding.
State Sen. Dave Hansen, D-Green Bay, and state Rep. Cory Mason, D-Racine, co-authored a bill earlier this year that would allow students to change their loan terms to more suitable alternatives. But the bill has yet to have a public hearing.
Hansen said the ability to refinance will help graduates build lives after school without the threat of loan repayment and will subsequently help investments in the economy.
“It’s about doing the right thing and helping a lot of people to become economic players to grow our economy in our state,” Hansen said.
David Gardner, chair of the Associated Students of Madison, said student leaders have been aware of the issue, and have worked with the state Legislature and student lobbying organizations on student debt.
“[The study] really makes the case for looking at what students are facing and recognizing that we are a huge part of this problem and we have to take steps to address it,” Gardner said.
