Steps taken by the Congress to help those struggling to pay-off college debt

More than 70 percent of college graduates carry estimated $29,400 student loans. Those who are getting some form of college loans are increasing steadily due to college cost and others. Many fall behind in paying off college loans soon after they graduate and many are struggling to find employment that pays a decent salary to take care of financial obligations.

Some recent attempts by the U.S. Congress include attempts to lower the interest rates charged on student loans. A bill passed in July 2013, lowers the rate to 3.86 percent for undergraduates and 5.4 percent for graduate students. Another bipartisan attempt in the Congress made into law recently calls for student loan interest rates to be tied to treasury notes. This will make the Stafford loans more affordable with a 3.86 percent interest rate rather than traditional 6.85 percent rate. The U.S. Congress is also working on many aspects of college debt. On one hand a group of Senators think that colleges should also share the pain and trying to introduce legislation requiring colleges to share the risk. It intends to put the blame on for-profit colleges making them pay heavy fines for defaults of student loans that they promote.