AUSTIN, Texas - Texas is weighing in on the ongoing fight between student loan providers and the federal government.
Attorney General Ken Paxton has joined a 25-state coalition asking Education Secretary Betsy DeVos to keep state oversight over the student loan industry in place.
“Any attempt to strip states of their oversight of the student loan industry amid the mounting student loan crisis would only put students and borrowers at increased risk,” Attorney General Paxton said in a statement.
The states claim student loan providers have been lobbying for more control and autonomy for years - but the industry still needs reform.
Forbes reports more than 44 million adults owe close to one and a half trillion dollars in loans. The average student loan debt for a 2016 graduate is $37,000 dollars.
The attorneys general say state over watch of student loans protects people from fraud and abuse.
The other states involved in the coalition are California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Massachusetts, Maryland, Maine, Minnesota, Montana, New York, North Carolina, Oregon, Rhode Island, Tennessee, Virginia, Vermont, Washington and the District of the Columbia.