How Much Student Loan Debt Do Members Of Congress Have?

Given that Congress is responsible for enacting laws and policies regarding student loan debt, it made me wonder how much student loan debt do members of Congress actually have?

They are supposed to be the “representatives” of the country, but can lawmakers really empathize with the struggles of millions of student loan borrowers in this country?

Student loan debt (and higher education policy in general) is complex, nuanced, and has many moving parts. Unless you’ve borrowed money to pay for college, or struggled to pay it off after college, it’s nearly impossible to empathize.

So we’ve spent the past few months researching the latest financial information for every member of Congress, and here we are.

Editor’s Note: Some content in this article has been updated to reflect the end of the student loan suspension.

student loan debt statistics

Let’s start by giving some background on the current student loan debt crisis.

Here is my current student loan debt situation: 45 million Americans have about $1.7 trillion in student loan debt.according to US CensusThere are approximately 332.4 million people in the United States today. That means she currently has student loan debt at 13.5% of all Americans.

However, if you want a more accurate metric, there are 258 million adults in the US (since student loans aren’t available if you’re under 18). That is, that is, Currently, 17.4% of US adults have student loan debt..

Other statistics to consider are:

• average student loan debt: $39,351
• median student loan debt: $19,281
• average monthly student loan payments: $393
• Median monthly payments on student loan debt: $222
• Percentage of Borrowers with Growing Loan Balances: 47.5%
• Percentage of borrowers who are 90 days or more past due: 4.67%
• Average debt of 2021 graduates: $30,600 (see average graduate debt here)

It’s also important to remember that student loan payments have been suspended from March 2020 to August 2023. However, total student loan balances are increasing as new college students enter and graduate from college each year.

Compare this to Congress.

The Big Picture of Student Loan Debt in Congress

After analyzing the most recent financial disclosure reports (through 2022) of all members of Congress, we found:

• 44 members of Congress have student loans in their households (this includes both personal loans and loans that they may co-sponsor for their children)
• Of the 44, 10 congressman spouses were taking out student loans
• Three senators have taken out student loans, one of which belongs to a spouse

When you start comparing Congress to the American people as a whole, The number of lawmakers with student loans is below the US average.

• Only 10.1% of Congressmen have student loan debt, compared to 13.5% of Americans.
• Only 3% of senators have student loan debt, compared to 13.5% of Americans.

The median student loan debt reported by Congress seems to be in line with the average American (and is actually a bit skewed). Twenty-four lawmakers report household student loan debt between $15,001 and $50,000. Here’s what lawmakers reported as student loan balances through financial disclosure reports:

Important note: Only balances over $10,000 are reported. There may be more members with balances below this amount.

During our investigation, we also found that six lawmakers have paid off or eliminated their student loan debt since the 2019 financial disclosure. Its members are:

1. Congressman Tony Cardenas (D-CA-29)
2. Congressman Andre Carson (D-IN-7)
3. Congressman Jody Heiss (Republican-GA-10)
4. Rep. Connor Lamb (D-PA-17)
5. Congressman Jimmy Panetta (D-CA-20)
6. Congressman Raul Ruiz (D-CA-36)

Let’s break it down by parliament.

Which congressman has student loan debt?

In the House, 44 of the 435 members of the House have student loans in their households. Of these, the student loans for 10 members were only for spouses.

That’s 10.1% of House members with student loans in their households.

The median student loan debt reported by Congressmen ranges from $15,001 to $50,000. It’s important to note that many of the members who took out student loans were trying to get some advanced degrees. It’s also important to remember that a “regular” Congressman’s salary is currently $174,000 a year (although they probably spend more than most Americans).

Finally, I think some people want the partisan collapse, so I’ll introduce it here.

• 26 Democrats Are Taking Student Loans
• 18 Republican lawmakers are taking student loans

Here’s a complete breakdown of who’s taking out student loans in the House, along with some caveats about who’s eligible for student loans (such as co-signed spousal and child loans).

of Average age of House student loan borrowers is 50, and have two children on average. Age and children help determine whether student loans are for you or for your children. Some members of parliament make this clear in their statements, but many do not, so we wanted to include it.

can be searched Click here for House Financial Disclosures.

House Education and Labor Committee

The House Education and Labor Committee is the large House group responsible for leading higher education legislation, including student loan policy. This is the group that discusses the reauthorization of the Higher Education Act (which is the umbrella of most financial aid and student loan policies).

It currently has 53 members, 29 Democrats and 24 Republicans.

Of these 53 members, only 6 (11.3%) have student loan debt. Three Democrats and three Republicans on the committee have taken out student loans.

This means that the vast majority of those making higher education policy do not take out student loans.

Which senator has student loan debt?

Only 3 in 100 senators have student loans in their households. Of these, one senator only reported student loans to her spouse.

That’s just 3% of senators who have student loan debt in their households.

All three senators who reported student loans in their households reported between $15,001 and $50,000 in student loan debt. Again, each Senator receives an annual salary of $174,000.

In terms of partisanship, all three senators with student-loan debt are Democrats.

Here’s a full breakdown of who’s taking out student loans in the Senate, along with a few notes on who’s eligible for student loans (such as co-signed spousal and child loans).

can be searched Click here for Senate Financial Disclosures.

Senate Health, Education, Labor and Pensions Committee

The Senate Health, Education, Work, and Pensions Committee is the Senate committee responsible for the higher education bill. It is a partner of the House group that also oversees the topic of higher education.

It currently has 22 members, 11 Democrats and 11 Republicans. This corresponds to 4.5% of the commission.

Of its 22 members, only one member (Senator Christopher S. Murphy) has student loan debt.

What does this mean for policy?

I think it will be interesting to see how many lawmakers have student loans, how much is outstanding, and who is taking out loans. Because it tells me, “Whether or not this person is involved in my situation.”

When discussing policy around student loan reform, student loan forgiveness, financial aid, etc., it is important to understand whether those in power and policy makers fully understand the whole scenario: the math and psychology. .

It’s not that people who don’t have student loans or who need financial help can’t empathize, but when we elect people to represent us, they need to represent us – who we are or what we are. The House has a closer representation, with his 10.1% of lawmakers taking out student loans and student loan balances close to average.

But the Senate is highly skewed, with only 3 members (or 3%) taking out student loans. Not to mention the average age of a senator he is 68. That means the last time a senator had to personally make decisions about financial aid, college tuition payments, student loans, he was in the early 1970s…

While we continue to call on our representatives to fix higher education and student loan systems, we must also keep this capacity for empathy in mind and elect representatives that perhaps better reflect our circumstances.