Meet A Senator With Six Figures Banked—Who Still Has Student Debt

"Sen. Chris Murphy of Connecticut likes to talk about his student debt. ... What he doesn’t talk much about is his bank account with six figures on deposit—ostensibly enough to pay off his loans, according to newly released Senate financial disclosures," National Journal reports.

"Murphy, a freshman Democrat and former House member, lists outstanding educational loans of $15,001 to $50,000 for himself and $15,001 to $50,000 for his wife, disclosures show. The documents also indicate the senator has a checking account with $100,001 to $250,000, and other assets all told valued at $120,007 to $375,000. The documents also show a mortgage valued at $250,001 to $500,000.

Why the senator has not paid off the loans yet isn’t clear. Murphy, who was scheduled to be in Hartford to discuss college affordability with Education Secretary Arne Duncan, was not available to comment.

Lawmakers regularly point to highlights from their biographies to make larger political or policy points. ... 

For Murphy, it’s student loans.

Last week, he spoke about the crush of student debt for graduates of for-profit colleges, mentioning during brief remarks that he is still paying his own loans. In December, he penned an op-ed with fellow Democratic Sen. Brian Schatz of Hawaii, who also has outstanding student-loan debt.

'Like so many other families across the country, we and our spouses continue to pay off our own student loans at the same time we are saving for our children’s college funds,' Murphy and Schatz wrote.

Murphy’s loans have 30-year terms, with his taken out in 1998 with a 5.12 percent interest rate and his wife’s in 1997 with a 5.38 percent interest rate. Sallie Mae is the creditor for both, according to disclosures. ...

Of course, Murphy is not the only senator carrying student-loan debt. Sen. Marco Rubio, a possible Republican presidential candidate, made headlines when, in 2012, he spoke about carrying student-loan debt."

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