Doctor is Out. Rising Student Loan Debt and the Decline of the Small Medical Practice, Hearing Before the Committee on Small Business, United States House of Representatives, One Hundred Sixteenth Congress, First Session, June 12, 2019   [open pdf - 4MB]

This is the June 12, 2019 hearing "Doctor is Out. Rising Student Loan Debt and the Decline of the Small Medical Practice," held before the House Committee on Small Business. From the opening statement of Nydia M. Velazquez: "I want to thank everyone for joining us this morning, and I want to especially thank the witnesses for being here today. Today, over 40 million Americans are burdened by student loans, and as a nation, mounting student debt now stands at nearly $1.5 trillion. Over the past 30 years, the cost of higher education at public 4-year institutions has skyrocketed, increasing by 213 percent from 1988. So, as we begin this hearing, let us acknowledge that this is nothing short of a national crisis. Back home in New York, I have seen how it affects young people in my district who may be taking on multiple jobs to make their student loan payments only to be compounded by steep costs of living and a tough job market. Today, student loan debt is now the second highest consumer debt category, higher than both credit card debt and auto loans and only behind home mortgage debt. This reality has produced a series of ripple effects throughout our economy, including a decline in entrepreneurship. As we often talk about on this committee, starting a business is not without risk to the entrepreneur. And as we search for ways to minimize this risk, we must look at how the burden of what can feel like insurmountable student loan bills affects new business formation." Statements, letters, and materials submitted for the record include those of the following: Sandra Norby, Lauren Wiese, Tracey L. Henry, and Jason Delisle.

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