Washington, Aug. 18 -- Representative Jeff Crank issued the following press release:
Representative Jeff Crank (CO-05) introduced H.R. 10084, the First Time Homebuyer Debt Reduction Act, to help eliminate crippling student loan debt and increase access to home ownership.
Student loan debt is preventing many Americans from purchasing a home. Totaling over $1.8 trillion, student loan debt is the largest category of consumer debt in America apart from home mortgages. Today, as students graduate from college, they are facing an average student loan debt of nearly $40,000, with a large percentage of those borrowers still paying off their loans more than 20 years after graduation. With large monthly payments going to paying off their debt, thes...