How A lot Scholar Mortgage Debt Do Members Of Congress Have?

Are you curious how a lot scholar mortgage debt members of Congress truly owe?

On condition that Congress is chargeable for creating the legal guidelines and insurance policies surrounding scholar mortgage debt, we puzzled – how a lot scholar mortgage debt do members of Congress even have?

Since they’re imagined to be “representatives” of the nation – can members of Congress truly relate to the struggles of hundreds of thousands of scholar mortgage debtors on this nation?

Scholar mortgage debt (and better training coverage typically) is advanced, nuanced, and has a number of shifting components. Until you’ve got lived by way of borrowing to pay for faculty and navigating reimbursement after faculty, it is almost not possible to narrate.

So, we spent the previous couple of months going by way of the newest monetary disclosures for each member of Congress, and we’re what we came upon.

Editor’s Notice: Some content material on this article has been up to date to replicate the tip of the scholar mortgage fee pause.

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 at the moment stands. There are 45 million Individuals with roughly $1.7 trillion in scholar mortgage debt. Based on the US Census, there are at the moment about 332,400,000 individuals in the US, so which means 13.5% of all Individuals have scholar mortgage debt at the moment. 

Nevertheless, if you’d like a greater metric, there are 258,000,000 adults in the US (since you will not have scholar loans when you’re underneath 18). So, which means 17.4% of adults in the US have scholar mortgage debt at the moment.

Listed below 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
• Proportion of debtors with rising mortgage balances: 47.5%
• Proportion 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 necessary to keep in mind that scholar mortgage funds had been paused from March 2020 by way of August 2023. However whole scholar mortgage balances are rising as a result of every year new faculty college students are getting into faculty or ending college and including to the overall mortgage stability.

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

Total View Of Scholar Mortgage Debt In Congress

In analyzing the newest monetary disclosure statements (by way of 2022) for all members of Congress, we discovered that:

• 44 members within the Home of Representatives have scholar loans of their family (this consists of each loans they individually borrowed and loans they might 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 certainly one of them belonging to their partner

Once you begin evaluating Congress to the American inhabitants as a complete, 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 Individuals
• Solely 3% of the Senate has scholar mortgage debt, vs. 13.5% of Individuals

It does seem that the median quantity of scholar mortgage debt reported by Congress does align (and truly skews somewhat larger) than the typical 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 stability of scholar loans through their monetary disclosure statements:

Essential Notice: Solely balances above $10,000 are reported. There could also be extra members with balances under 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 necessary to notice that many members who’ve borrowed scholar loans pursued some superior levels. It is also necessary to keep in mind that a “common” Home member’s wage is at the moment $174,000 per 12 months (although they doubtless have larger bills than most Individuals as nicely).

Lastly, I am positive 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 (resembling 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 if 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 throughout the bigger Home of Representatives chargeable for spearheading larger training laws, together with any probabilities to scholar mortgage coverage. That is the group that will debate the Increased Training Act re-authorization (which is the umbrella for many monetary support and scholar mortgage insurance policies).

It is at the moment 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 implies that the big majority of individuals making larger training coverage wouldn’t have 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 experiences 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 12 months.

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 (resembling 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 larger training laws within the Senate. That is the accomplice of the group within the Home that will additionally oversee larger training subjects.

It is at the moment 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 feel it is fascinating to see what number of members of Congress have scholar loans, what balances they’ve, and who’s loans they might have as a result of it provides you an thought of whether or not “does this individual relate to my state of affairs”.

After we’re having coverage discussions on reforming scholar loans, scholar mortgage forgiveness, monetary support, and extra, it is necessary to grasp if these in energy and making coverage even absolutely perceive the entire situation – the mathematics and the psychology.

That is to not say that individuals who haven’t got scholar loans or wanted monetary support cannot relate – however once we’re electing individuals to characterize us, they need to characterize 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 stability near the typical.

Nevertheless, the Senate is basically skewed, with solely 3 members (or 3%) having scholar loans. To not point out that the median age within the Senate is 68 years previous – which means the final time they needed to make selections round monetary support, paying for faculty, or scholar loans personally was within the early Nineteen Seventies…

As we proceed to ask our representatives to repair the upper training and scholar mortgage system, we additionally have to preserve this relate-ability in thoughts – and possibly elect representatives that higher replicate our circumstances.