Approximately 44 million Americans owe an outstanding student loan balance and nationally borrowers owe more than $1.7 trillion. While debt levels vary by degree and major, of particular concern are the nearly 4 million students who have dropped out of college without a degree but with student loan debt. Student loan debt can impact borrower’s ability to own a home, start a business, and save for retirement.
State policymakers have grown increasingly concerned with student loan debt levels and have considered legislative strategies to mitigate these impacts. Since 2016, states have considered more than 700 bills related to student loan debt. These include efforts to explore the development of forgiveness programs, implementation of loan oversight and creation of tax credits to relieve the pressures of borrowing.