Massive College Debt Load is Stifling Business and Job Creation While Washington Sits on the Sidelines

Orman: “We Can Do Better”

LAWRENCE, KS (Oct. 21)Businessman and independent Senate candidate Greg Orman today unveiled his plan to curb the student loan crisis and make college affordable to an audience of students at the University of Kansas.

“We’ve saddled our next generation’s leaders and entrepreneurs with more than a $1 trillion in student debt because politicians aren’t willing to push back on Washington special interests,” Orman told the crowd. “I grew up in a family with five siblings and received free lunch at school as a kid. But I was able to take out student loans, graduate college, get a good job and then take on the enormous risk of starting a small business.”

Rising tuition costs, and the heavy debt burden that accompanies it, often means those same opportunities are not always available to today’s students, Orman said. Since 1980 the inflation-adjusted cost of college tuition at public universities has tripled, and more than doubled at private universities. We now have $1 trillion in student loan debt, up from just $350 billion a decade ago.

The Kauffman Foundation recently noted that student loan debt was one of the top inhibitors to entrepreneurship and business creation.

“There are common sense solutions to the debt crisis, but Washington has not been willing to take them on,” Orman said. “We can do better. We can introduce common sense accountability reforms and help people understand the financial burden of a student loan.”

Orman’s common sense college affordability plan includes:

Bringing accountability to higher education spending, and reforming student lending.

Reducing the markup on federal student loans, to make them more affordable and reduce default rates.

Applying the “CARD” Act to student lending, to protect student borrowers from unscrupulous lending practices.

Enhancing the online tools for understanding college debt, so all students are able to make an informed decision about how they pay for school.

Reforming collections practices, to put an end to abuses which make it harder for students to pay off their debts.

And protecting our veterans from predatory lending.

Following his presentation, Orman took questions from students and press.

You can read Greg’s complete plan here.

For more information about businessman Greg Orman and his Independent campaign for U.S. Senate, please visit the campaign online at www.OrmanForSenate.com. For media inquires, please contact our press office at Press@OrmanForSenate.com or call us at 913-353-5277.

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