Nearly 2 Million Illinoisans Have Outstanding Student Loan Debt

By WTVO WQRF Newsroom

Published 05/15 2014 11:29AM

Updated 05/15 2014 11:31AM

WTVO/WQRF - The student loan crisis hits close to home.

Sen. Dick Durbin spoke on the Senate floor Wednesday saying 1.7 million Illinoisans are behind on payments for their student loans.  Across the nation, 40 million borrowers have compiled a debt over $1 trillion.

"There is more student loan debt in America today than there is credit card debt" says Durbin.  "It's huge and it's growing."

Last week, Durbin and several members of congress introduced the Students Emergency Loan Refinancing Act.  It'll allow those with outstanding student loan debt to refinance at lower interest rates.

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