Student debt is on the rise in the U.S.
U.S. Rep. Jim Clyburn, D-S.C., has introduced a bill that would “cancel” student loan debt for 42 million people.
The bill, which is cosponsored by Sen. Elizabeth Warren, D-Mass., would revoke up to $50,000 of student loan debt for those with a household income of less than $100,000, the two lawmakers said in a press release.
“I used to be a public school teacher, at the start of my professional career,” Clyburn told reporters after a press conference earlier this week. “I used to (teach) at Charleston County Public Schools, making $352 a month for 10 months, that was it. Two months, zero. So I know what it is to try and get started.”
Clyburn hasn’t committed to one, specific way of funding the debt cancellation, but one idea would be to move the corporate tax rate from 21 percent to 25 percent, Clyburn spokeswoman Rachel Stein said.
Warren said she supports that, but could also pay for the program using a 2 percent tax on household fortunes of more than $50 million, she said at the press conference.
Student loan debt has long been higher in South Carolina than most other states, and it’s increasing, according to previous articles from The State.
The average student loan debt in South Carolina is $36,552, which is above the national average of $35,359, according to a report from Experian released earlier this year.