MADISON, Wis. (WFRV) – Governor Tony Evers has signed an executive order to create a task force on student debt.
“For too many Wisconsinites additional education or job training is out of reach. We need to address college affordability and ensure that a great education doesn’t come at the cost of decades of crippling debt,” said Gov. Evers. “Student debt is preventing folks from buying a car, starting a business, saving for retirement, and starting a family, and that is ultimately holding back our state and our economy. Student debt isn’t going away any time soon, but this task force will be a meaningful first step in addressing this issue in our state.”
According to the governor’s office:
- 45 million students across the nation owe about $1.6 trillion in student loan debt
- The average amount of student loan debt held by former students increased by almost 85% between 2006 and 2018
- One in five students in the U.S. are behind their student loan payments
“Deciding how much debt to take on to go to college is perhaps the first serious financial decision a lot of students make. Unfortunately, many don’t full consider the ramifications of that debt until it’s too late—when they start paying it back,” said Department of Financial Institutions Secretary Kathy Blumenfeld.
To read the full proclamation, click here.