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Over 10 Percent of Congress Still Owe Student Loan Debts

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By George Khoury, Esq. on March 16, 2018 6:58 AM

In what may come as a shocking revelation to all those who believe that everyone in Congress is filthy rich (with an emphasis on the filthy), over 10 percent still carry student loan debt.

Notably though, it's not all their debt. For many members, the loans belong to a child, and show up for them due to co-signing. However, there are definitely a few who actually still owe debt from their own educations. After all, lawmakers often attend law school, which is among the most expensive educations one can buy. Also, the numbers have changed much since 2015, when it was revealed that multimillionaire Representative Joe Kennedy III (of Kennedy family notoriety) still owed over $40K in student loan debt.

Congressional Student Loan Dirt

The lawmakers carrying the most debt are in the House rather than the Senate. Representative Trey Gowdy has the most at $150K, while Reps Raul Ruiz and Cedric Richmond are next in line at $115K each. Reps John Carter, Grace Meng, Raja Krishnamoorthi follow at $100K each. Of the top three here, only Ruiz is believed to be paying for his own education at this point, though he did receive an M.D. and two masters from Harvard.

Topping the charts in the Senate are Senator Chris Murphy at $30K, followed by Senator Cory Gardner at $15K, and Senator Mike Lee at $10K.

Competitive Loan Rates

While it may be difficult for current and prospective law students to believe, but there once was a time when student loan rates were actually rather competitive.

And when push comes to shove, holding a low, fixed interest debt isn't necessarily a bad thing. One theory suggests holding onto low interest debts even if you come into the sort of money that can pay them off. Rather, investing at a higher rate of return rather than the low interest loan makes some financial sense. This could easily explain why some members have not just squashed the debt, or had their children take education loans, despite being wealthy.

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