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Student Loan Debt Is a Concern for Lawmakers, Consumer Advocates

Student loan debt is almost impossible to escape, as many borrowers know all too well. In response to the current problem of borrowers buried under heavy payments and high interest rates, Congressman Tom Petri (R-Wisconsin) recently introduced the Earnings Contingent Education Loans (ExCEL) Act of 2012.

Petri contends that his bill protects borrowers against payments they cannot afford while also ensuring that taxpayers don’t have to subsidize defaulted loans or the cost of loan collection.

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