The Senate Judiciary Committee held a hearing Tuesday on student loan bankruptcy reform as the federal government prepares to end its pause on payments this fall.
Watch the hearing in the video player above.
Federal student loan payments have been paused since March of last year, when the coronavirus pandemic brought the U.S. economy to a halt. The moratorium is set to end on October 1, 2021, unless the Biden administration takes further action.
43 percent of Americans who attended college — representing 30 percent of all U.S. adults — had incurred at least some debt for their education as of 2018. The typical monthly payment is between $200 and $299 per month, according to the Federal Reserve.
Witnesses at the hearing included Kwame Raoul, Attorney General of Illinois; Elizabeth Gonzalez, directing attorney of the Consumer Law Unit at the Public Law Center; Beth Akers, senior fellow at the American Enterprise Institute; and Christopher Chapman,
president and CEO of the AccessLex Institute.