What makes life at Maxwell all the more exciting for me is knowing how well-connected the school is with the field the students are studying and actively pursuing. You never know when a renowned and high-ranking public servant might pop into Maxwell for a surprise visit.
Well, that’s exactly what happened this past Monday afternoon. U.S. Senator Chuck Schumer, who represents New York state, held an impromptu press conference at our Maxwell atrium about the nation’s rising debt for college graduates. His press conference about the Reducing Educational Debt (RED) Act tackles the issue of college affordability, and is part of the #InTheRed national campaign. There are four main prongs to the proposed legislation: it would reduce the cost of loans and allow students to borrow at a lower interest rate; it would make the first two years of community college free; it would increase funding for Pell grants and provide more opportunities for low-income students; and it would slow down rising college tuition rates.
The RED Act seeks to minimize the amount of money the government receives from students taking out loans. The Senator shared that while banks are charged an interest rate of 3%, student loans incur the second highest government interest rate at over 8%. The interest rate for student loans comes in above automobile and credit card interest rates. Currently, over 60% of students graduate from college in debt; the majority of students from New York institutions graduate with an average debt of $28,000.
Schumer believes that the pressure for the millennial generation to go to college has increased compared to his generation; he also believes it is more difficult for the younger generation to get jobs and pay back student loans. “These days college is a necessity, but it is priced like a luxury,” he articulated.
Regardless of political ideology, it was remarkable that a U.S. Senator took the time out of his day to speak in such an intimate setting with Maxwell students. He even took the time to answer my peers’ questions and take pictures with us. We found out that one of the students present went to his rival high school in Brooklyn, New York.
As an institution focused on citizenship and public affairs, there was no better way of provoking citizen engagement than having a prominent public official encourage us to get involved with the #InTheRed campaign. I am grateful for this opportunity that Maxwell has given to me, and would not be surprised if another distinguished leader in the field of public affairs stopped by Maxwell to connect with students.
Senator Schumer will be succeeding Nevada Senator Harry Reid as the U.S. Senate’s Minority Leader next January.
Click here for more information about the #InTheRed campaign.
