Legislation Assembly Democrats Andrew Zwicker, Daniel Benson, Gary Schaer and Jamel Holley sponsored urging Congress and the President of the United States to enact legislation ensuring students have access to debt-free higher education at public colleges and universities gained approval from the General Assembly on Thursday.
The cost of college has risen more than 250 percent over the last three decades while income for typical families grew by only 16 percent, making it difficult for a student to graduate without debt, as reported by the White House.
“A college education is one of the most valuable investments a family can make, but it has never been more difficult for families to afford the dream of a college education, as the cost has grown exponentially in decades,” said Zwicker (D-Hunterdon/Mercer/Middlesex/Somerset). “As a result, an increasing number of young Americans, including many from New Jersey, have been forced to assume significant student loan debt to afford the cost of higher education.”
“Student loan debt saddles the very students who most depend on a college degree to level the economic playing field. This debt constrains their career choices, hurts their credit ratings and prevents them from fully participating in the economy,” said Benson (D-Mercer/Middlesex). “Excessive student loan debt places in jeopardy the quintessential milestones of the American Dream, such as buying a home or car, starting a family and saving for retirement. Our goals for higher education in this country must include providing a debt-free education for college-bound students.”
“Young people in New Jersey and throughout the country should have the same opportunity offered to those who went to college in previous generations, including the ability to attend public colleges and universities without taking on burdensome debt,” said Schaer (D-Bergen/Passaic). “It should be a public policy goal of the federal government to establish a debt-free public higher education system to enable students to attain a college degree without burdensome debt.”
“Given the importance of higher education to the nation’s economy, the national goal should be to expand the opportunity to pursue and attain a college degree in this country,” said Holley (D-Union). “It should become easier not harder for students to meet their educational goals and obtain a degree. Establishing a debt-free public higher education system should be included in national public policy objectives for higher education.”
New Jersey ranks ninth in the country in student loan debt, with the average student loan debt for New Jersey’s public and private college and university graduates at more than $30,000 in 2016, according to a study conducted by LendEDU.
The Assembly passed the measure 61-0-13.