Phil Anderson Advocates for Student Loan Reform and Bankruptcy Protection

Middleton, WI – Today, Phil Anderson, libertarian candidate for U.S. Senate, unveiled his plan for addressing the student debt problem facing millions of Americans. With student debt surpassing $1.7 trillion and President Biden relentlessly pursuing loan forgiveness schemes, Anderson believes clarity - and sanity - are urgently needed.

With the federalization of student lending in 2010 and income-driven repayment in 2012, the debt tab on student loans skyrocketed. Most recently, in the last 3 years alone under Biden’s debt ‘forgiveness,’ more than $150 billion in student debt has been magically wiped from debtors’ slates, landing squarely in taxpayers’ laps. “As a libertarian, I believe in individual freedom and personal responsibility,” Anderson said. “The responsibility for this legitimately incurred debt should be carried by the borrower, not the taxpayer. I also believe that to adequately reform this broken system, the federal government needs to be removed from the lending game. Without this key component, schools will continue to increase tuition rates because they are guaranteed the money, and students will continue to be unduly burdened with ever-increasing costs.”

Anderson's proposal centers on restoring fairness and accountability to the student loan process while safeguarding the rights of borrowers.

Key components of his plan include:

1. Phasing out the federal government’s role in student lending so that taxpayers are not left holding the bag when borrowers default, and so that the cost of tuition can be reined in.
2. Allowing student loans to be discharged in bankruptcy to provide much-needed relief to those facing financial hardship without penalizing them for pursuing higher education.
3. Encouraging personal responsibility and financial literacy. While advocating for bankruptcy protections, Anderson emphasizes the importance of personal responsibility. Individuals need to be able to make informed decisions about their education without fear of lifelong financial consequences. This happens when schools and parents equip students with the knowledge and skills necessary to make sound financial decisions before, during, and after college.
4. Rejecting student loan forgiveness schemes. Anderson believes that student loan debt should not be shifted through loan forgiveness schemes to taxpayers to curry favor with voters. While the harm caused by the federal student loan program and rising tuition costs is real, shifting the debt only doubles down on the problem by ensuring greater increases in tuition and the rate of inflation.

“I understand that meaningful reform will require a collaboration of all parties at the table,” Anderson said. “However, we must all realize how we have gotten into this mess, and that to get out of it, we will have to challenge the status quo. If elected, I will prioritize the needs of students and taxpayers over entrenched special interests".

"Our current approach to student loans is unsustainable and unjust. The only real crisis is the one that has been manufactured by years of failed Democratic policies. It's time to chart a new course that prioritizes individual liberty, fiscal responsibility, and economic opportunity.”

For more information on Phil Anderson's campaign and his vision for student loan reform, please visit 

www.AndersonForUSSenate.com.

###