Hansen Clarke: Time to tackle student loan debt

Detroit Congressman Hansen Clarke says the growing “Occupy” movement is helping his efforts to push for student loan debt relief.

Clarke introduced a resolution in July encouraging Congress to focus on what he calls the country’s “true debt problem.” Student loan debt is expected to surpass $1 trillion this year.

Clarke says the issue is gaining traction in Congress as a way to lessen household debt and jumpstart the economy.

He says relief should focus on federally-guaranteed student loans.

“I also want to reduce and maybe eliminate much of the compounded interest and fees and penalties that borrowers have to pay on top of the principal that they borrowed. See, all these fees and everything, and the interest…that’s what really adds up," Clarke said.

Clarke calls President Obama’s proposals for student loan relief “a good start,” but says Congress also needs to act.

No one has introduced such comprehensive legislation yet.