|Senator Jacob Candalaria|
Jacob Candalaria is a state senator from Albuquerque. He said this is a difficult problem to tackle in the Land of Enchantment. “We actually see a lower percentage of students in New Mexico borrowing money than the rest of the country,” Candalaria said. “The problem is once they do borrow money, they’re more likely to be unable to pay it back.”
Candalaria is the youngest state senator in New Mexico. He’s a second-year law student at the University of New Mexico. As a student himself, Candalaria said he listens to his peers worry about student loans.
National numbers reveal New Mexico has the highest percentage of student loan default rates. The national average is 13.7 percent. New Mexico sits close to 21 percent. So the senator is proposing a state-based tax credit for students. It would offset some of the costs of paying back student loans after college.
The Department of Education released the national default rates in September. The study looks at the rates from 2010. More