Committee unanimously supports Sen. Daughtry bill to study impacts of student debt on Maine college graduates

Posted: May 21, 2021 | Education and Cultural Affairs, Senator Daughtry

AUGUSTA — On Friday, the Legislature’s Committee on Education and Cultural Affairs voted in favor of a bill from Sen. Mattie Daughtry, D-Brunswick, to study the impact of education-related debt on Mainers by reinstating the Commission to Study College Affordability and College Completion. LD 247, “An Act To Improve Maine’s Education System,” received a vote of 10-0, with 3 members absent.

Sen. Mattie Daughtry

“The student debt crisis is one of the greatest economic hurdles we face today. Young people who were told for years that a college degree was the best way to secure a good-paying career now find themselves burdened with incredible debt. We need to recommit our state to studying how this debt is impacting Mainers and our state’s economy, so we can find solutions,” said Sen. Daughtry. “I’m grateful to the committee for their work on this bill and their strong support. I look forward to this commission’s findings.”

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, the average student loan borrower has more than $33,000 in school debt, which is the sixth highest average in the nation.

As amended, LD 247 would reinstate the Commission to Study College Affordability and College Completion, which had previously met beginning in 2014, and add a high school guidance counselor to the commission’s membership. 

The commission would 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; the impact of education debt on Mainers; and the potential impact of no-cost community college program. An updated report from the commission would be due to the Legislature by January 2022.

The Financial Authority of Maine (FAME) and the University of Maine System testified in favor of the bill.

LD 247 now faces votes in the Senate and House.