College affordability commission meets for first time
AUGUSTA — On Wednesday, the Commission to Study College Affordability and College Completion met for the first time, via Zoom. The commission is tasked with studying the impact of education-related debt on Mainers. Sen. Mattie Daughtry, D-Brunswick, and Rep. Ed Crockett, D-Portland, serve as co-chairs of the commission.
“More and more, good-paying careers require training or education past a high school diploma. Unfortunately, the cost of post-secondary education also keeps going up,” said Sen. Daughtry. “College debt is one of the biggest economic hurdles facing Mainers today. Too many people hesitate to pursue the education and training they need to get the job they want or struggle to pay back their student loans after they leave school. We need a detailed picture about the problem in Maine, so we can work on addressing college affordability and help more Mainers get the careers and financial stability they deserve.”
“The cost of a college education has outpaced the cost of living exponentially,” said Rep. Crockett. “Our higher education institutions have been generous with grants and scholarships, and both the federal government and the State of Maine have provided resources to help our students, however, the student debt crisis continues. I am hopeful that the work accomplished on the commission will generate ideas of how we can limit this burden to a single generation.”
The commission originally was established in 2014 and was reinstated this year thanks to LD 247, “An Act To Improve Maine’s Education System,” sponsored by Sen. Daughtry. The commission will review and update the previously released report; study college debt amounts in Maine from various colleges and universities in the state; study education debt amounts for both graduates and those who don’t finish their degrees; study the impact of education debt on Mainers, and study the potential effects of no-cost community college programs.
In 2021, the total student debt amount held by Americans grew to $1.7 trillion — second only to mortgages and higher than credit card debt. In Maine, student loan debt nearly doubled between 2008 and 2018, rising from $3.1 billion to $6 billion. The average student loan borrower in Maine has more than $33,000 in school debt, which is the sixth-highest average in the nation.
Student loan debt affects young adults as well as older Mainers. According to AARP, more than 2.8 million Americans 60 and older have at least one student loan. Americans 60 and older are the fastest-growing group of student loan borrowers.
Commission members include legislators, an educator representing Maine’s higher education institutions, a financial aid expert, a high school guidance counselor, higher education policy experts, and leaders from the University of Maine System, the Maine Community College System and the President of Maine Maritime Academy.
An updated report from the commission is due to the Legislature by January 2022. A recording of the commission’s meeting can be found on YouTube at https://youtu.be/DpdlSCcc-1U.
