Provided that Congress is chargeable 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 alleged to be “representatives” of the nation – can members of Congress really relate to the struggles of tens of millions of scholar mortgage debtors on this nation?

Scholar mortgage debt (and better schooling coverage generally) is complicated, nuanced, and has a lot of shifting elements. Until you have lived via borrowing to pay for school and navigating compensation after school, it is almost unattainable to narrate.

So, we spent the previous few months going via the newest monetary disclosures for each member of Congress, and we’re what we discovered.

Scholar 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 People with roughly $1.7 trillion in scholar mortgage debt. Based on the US Census, there are presently about 332,400,000 individuals in the USA, so which means 13.5% of all People have scholar mortgage debt presently. 

Nonetheless, if you need a greater metric, there are 258,000,000 adults in the USA (since you will not have scholar loans if you happen to’re underneath 18). So, which means 17.4% of adults in the USA have scholar mortgage debt presently.

Listed here are another statistics to think about:

• Common scholar mortgage debt: $39,351
• Median scholar mortgage debt: $19,281
• Common scholar mortgage month-to-month fee: $393
• Median month-to-month fee 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 common scholar debt by graduating class right here)

It is also essential to do not forget that scholar mortgage funds have been paused since March 2020. However whole scholar mortgage balances are rising as a result of every year new school college students are getting into school or ending college and including to the whole mortgage steadiness.

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

General View Of Scholar Mortgage Debt In Congress

In analyzing the newest 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 youngsters on)
• Of the 44, ten of the Representatives’ spouses had scholar loans
• 3 members within the Senate have scholar loans, with one in every of them belonging to their partner

Whenever you begin evaluating Congress to the American inhabitants as an entire, 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 People
• Solely 3% of the Senate has scholar mortgage debt, vs. 13.5% of People

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

Vital Be aware: Solely balances above $10,000 are reported. There could also be extra members with balances beneath this quantity.

Throughout our analysis, we additionally found that six Representatives had paid off or eradicated their scholar mortgage 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 Scholar 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 essential to notice that many members who’ve borrowed scholar loans pursued some superior levels. It is also essential to do not forget that a “common” Home member’s wage is presently $174,000 per yr (although they doubtless have increased bills than most People 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

This 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 youngsters. Age and youngsters could be a good perception as as to whether the scholar mortgage is their very own, or whether or not the mortgage is for his or her youngsters. Some members of Congress disclose this on their statements, however many don’t, so we wished to incorporate it.

You possibly can search the Home Monetary Disclosures right here.

Home Training and Labor Committee

The Home Training and Labor Committee is the group inside the bigger Home of Representatives chargeable for spearheading increased schooling laws, together with any probabilities to scholar mortgage coverage. That is the group that might debate the Larger Training Act re-authorization (which is the umbrella for many monetary support 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 signifies that the massive majority of individuals making increased schooling coverage do not need scholar loans.

Which Members Of The Senate Have Scholar Mortgage Debt?

Solely 3 out of 100 Senators have scholar loans of their households. Of this, one of many Senator’s solely stories 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 yr.

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

This 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 possibly can search the Senate Monetary Disclosures right here.

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

The Senate Committee on Well being, Training, Labor, and Pensions is the group chargeable for spearheading increased schooling laws within the Senate. That is the associate of the group within the Home that might additionally oversee increased schooling matters.

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

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

What Does This Imply For Coverage?

I believe it is attention-grabbing 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 particular person relate to my scenario”.

Once we’re having coverage discussions on reforming scholar loans, scholar mortgage forgiveness, monetary support, and extra, it is essential to know if these in energy and making coverage even totally perceive the entire situation – the maths and the psychology.

That is to not say that individuals who do not have scholar loans or wanted monetary support cannot relate – however once we’re electing individuals to signify us, they need to signify 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 steadiness near the common.

Nonetheless, the Senate is absolutely 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 – which means the final time they needed to make selections round monetary support, paying for school, 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 preserve this relate-ability in thoughts – and possibly elect representatives that higher mirror our circumstances.