Contact Us

State Sen. Ananich Calls for Action on Student Debt Crisis

courtesy State Sen. Jim Ananich

With student loan rates having doubled on Monday, State Senator Jim Ananich (D-Flint) is calling on lawmakers in Washington and Lansing to act on the impending debt crisis.

Congess failed to reach an agreement to avoid the rate hikes, and according to Ananich, proposals in Lansing to ease the burden on college students and families have not seen any traction.

In a statement Ananich said “massive student debt hurts our ability to get people working and destroys a family’s chance to pull themselves out of financial trouble.” Ananich, who is Democratic Vice Chair of the Senate Banking and Financial Institutions Committee, added “we can avoid the next bailout and economic collapse, so let’s work together to find real solutions.”

Ananich pointed to some proposals at the state and federal level he says are worth considering:

  • The Bank on Student Loans Fairness Act which would let college students take loans that have the same low rate that banks get from the Federal Reserve.
  • The Michigan 2020 Plan which would cover tuition costs for every Michigan high school graduate by reducing outdated business tax loopholes.
  • Bills that would give tax breaks to college graduates paying off student loans who stay and work in Michigan.

American college students are already said to be $1 trillion in debt. The doubling of the rates on Stafford Loans on Monday is estimated to add $2,600 of debt per student.

Best of WFNT

Recommended for You

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Please solve this simple math problem to prove that you are a real person.

Sign up for WFNT Treasure Trove quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive WFNT Treasure Trove contests, events, coupons, presales, and much more delivered to you for FREE.