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

Are you curious how a lot pupil mortgage debt members of Congress really owe?

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

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

Pupil mortgage debt (and better training coverage basically) is advanced, nuanced, and has numerous shifting components. Except you’ve got lived by way of borrowing to pay for school and navigating reimbursement after school, it is almost inconceivable 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 mirror the tip of the scholar mortgage fee pause.

Pupil Mortgage Debt Statistics

Let’s begin by placing some context into the present pupil mortgage debt disaster.

Right here is the place pupil mortgage debt at the moment stands. There are 45 million People with roughly $1.7 trillion in pupil mortgage debt. In line with the US Census, there are at the moment about 332,400,000 folks in the US, so meaning 13.5% of all People have pupil mortgage debt at the moment. 

Nevertheless, in order for you a greater metric, there are 258,000,000 adults in the US (since you will not have pupil loans in the event you’re below 18). So, meaning 17.4% of adults in the US have pupil mortgage debt at the moment.

Listed here are another statistics to contemplate:

• Common pupil mortgage debt: $39,351
• Median pupil mortgage debt: $19,281
• Common pupil mortgage month-to-month fee: $393
• Median month-to-month fee on pupil 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 pupil debt by graduating class right here)

It is also essential to keep in mind that pupil mortgage funds had been paused from March 2020 by way of August 2023. However complete pupil mortgage balances are rising as a result of every year new school college students are getting into school or ending college and including to the overall mortgage steadiness.

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

General View Of Pupil 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 pupil 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 pupil loans
• 3 members within the Senate have pupil loans, with considered one of them belonging to their partner

Whenever you begin evaluating Congress to the American inhabitants as a complete, the variety of Congressmen with pupil loans is a below-average illustration of America.

• Solely 10.1% of the Home of Representatives has pupil mortgage debt, vs. 13.5% of People
• Solely 3% of the Senate has pupil mortgage debt, vs. 13.5% of People

It does seem that the median quantity of pupil mortgage debt reported by Congress does align (and really skews slightly larger) than the common American – with 24 members of Congress reporting between $15,001 and $50,000 in pupil mortgage debt of their family. Here is what members of Congress reported as their steadiness of pupil loans by way of their monetary disclosure statements:

Necessary Notice: Solely balances above $10,000 are reported. There could also be extra members with balances beneath this quantity.

Throughout our analysis, we additionally found that six Representatives had paid off or eradicated their pupil 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 Pupil Mortgage Debt?

Within the Home of Representatives, 44 out of 435 members have pupil loans of their households. Of this, the one pupil loans for 10 members belonged to their partner.

This represents 10.1% of Home members having pupil loans of their family.

The median quantity of pupil mortgage debt reported by members within the Home is $15,001 to $50,000. It is essential to notice that many members who’ve borrowed pupil loans pursued some superior levels. It is also essential to keep in mind that a “common” Home member’s wage is at the moment $174,000 per yr (although they probably have larger bills than most People as nicely).

Lastly, I am certain somebody will need the partisan breakdown, so right here you go:

• 26 Democrats have pupil loans
• 18 Republicans have pupil loans

Here is a full breakdown of who has pupil loans within the Home of Representatives, together with some notes about who the scholar mortgage could also be for (similar to a partner, or a co-signed mortgage for a kid).

The common age of a pupil mortgage borrower within the Home of Representatives is 50, and on common they’ve two youngsters. Age and youngsters generally is 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 needed to incorporate it.

You may 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 pupil mortgage coverage. That is the group that will debate the Greater Training Act re-authorization (which is the umbrella for many monetary help and pupil 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 pupil mortgage debt. 3 Democrats and three Republicans on the committee have pupil loans.

That signifies that the big majority of individuals making larger training coverage would not have pupil loans.

Which Members Of The Senate Have Pupil Mortgage Debt?

Solely 3 out of 100 Senators have pupil loans of their households. Of this, one of many Senator’s solely reviews pupil loans for his or her partner.

This represents simply 3% of the Senate having pupil mortgage debt of their family.

All three Senators who reported pupil loans of their households reported between $15,001-$50,000 in pupil mortgage debt. Once more, every Senator receives an annual wage of $174,000 per yr.

From a partisanship perspective, all three Senators with pupil mortgage debt are Democrats.

Here is a full breakdown of who has pupil loans within the Senate, together with some notes about who the scholar mortgage could also be for (similar to a partner, or a co-signed mortgage for a kid).

You may 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 associate 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, only one member (Sen. Christopher S. Murphy) has pupil mortgage debt. 

What Does This Imply For Coverage?

I believe it is attention-grabbing to see what number of members of Congress have pupil loans, what balances they’ve, and who’s loans they might have as a result of it offers you an thought of whether or not “does this particular person relate to my scenario”.

After we’re having coverage discussions on reforming pupil loans, pupil mortgage forgiveness, monetary help, and extra, it is essential to know if these in energy and making coverage even totally perceive the entire state of affairs – the mathematics and the psychology.

That is to not say that individuals who do not have pupil loans or wanted monetary help cannot relate – however after we’re electing folks 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 pupil loans, and a pupil mortgage steadiness near the common.

Nevertheless, the Senate is absolutely skewed, with solely 3 members (or 3%) having pupil loans. To not point out that the median age within the Senate is 68 years previous – meaning the final time they needed to make choices round monetary help, paying for school, or pupil loans personally was within the early Seventies…

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