WATCH: Comedian Hasan Minhaj full opening statement to Congress on repercussions facing 45,000,000 people in the US who have student loan debt: 'You paid far less for your degrees ... Americans should not have to go bankrupt pursuing higher education.'
Consumer advocates and Democrats have accused the Education Department under the Trump administration of failing to clamp down on student loan companies and for-profit colleges accused of preying on students. About 92 percent of student debt is owed to the federal government, which contracts with nine servicers, including companies such as Nelnet and Navient, to handle those student loans.
Both Democrats and Republicans on the House Financial Services Committee agreed there are systemic problems within the student loan industry, and House Financial Services Chair Maxine Waters, D-Calif., said lawmakers are discussing a series of bills, including creating a comprehensive borrower bill of rights and helping borrowers purchase first homes.
"This is a crisis, but a crisis that Congress created and foisted upon a generation," he said, adding that laws need to be reexamined but that student lending is not within the Financial Services Committee's jurisdiction.
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