Student loan debt is developing a deep penetrating consciousness this campaign season than in any other in memory and to that, we'd add that it's about time. Americans' outstanding loan debt has reached to an exceedingly high level of more than a trillion dollars this May, according to recent statistics provided by the Consumer Financial Protection Bureau. It surpassed total consumer credit card debt a few years ago; being only second to home mortgages in total U.S. consumer debt burden.

Mortgages vs. Student loans

“Student loan is responsible for an $83 million drag on home buying this year”, John Burns, a home builders' adviser said indicating that over 414,000 homes won't be sold because 5.9million Americans under 40- triple the number since 2005- spend $250 or more per month on college loan debt service forming a strong connection with mortgages.

Wake up call for the government

The time has come for all Americans especially the politicians to recognize that not only recent college grads are affected by this heavy debt load but the entire economy is feeling the burden when the purchasing power of many aspiring young adults is pinched. There should have been more wide discussions about this consequence by the government in state capitals where monetary policies are designed and higher funding in order to subsidize this sector even more should be the way to go.

State of Minnesota – Taking it seriously

But there are certain states where state and federal office candidates are taking this issue into account. For e.g. Minnesota candidates are talking now about high student loan debt as a problem government needs to eradicate. A Democratic U.S. Sen. Al Franken is promoting a good bill that he co-sponsored this year to reduce the interest rate on federally guaranteed student loans to 3.86 percent from the current 4.6 percent, and to allow existing loans to be refinanced at that lower rate. His republican opponent, Mike McFadden, had this view to support the bill if weren't financed with a tax increase. He held sharply rising tuition as the chief student debt culprit implying that colleges and universities can do more to clamp down higher costs.