March 30, 2020

Fiscal Notes: Student Loan Debt in Texas

(AUSTIN) — As the latest edition of Fiscal Notes went to press, the wave of coronavirus closings and dislocations was just beginning to have an effect on Texas and the nation. This will have obvious impacts on Texas government and the state’s economy, but it’s too early to definitively say what the effects will be.

In future editions of Fiscal Notes, we’ll look at how the pandemic is affecting the Texas economy. We also provide continuous updates from Texas Comptroller Glenn Hegar on a State of Emergency page on our website. For questions about COVID-19, dial 2-1-1, then choose Option 6 for updates from the Texas Department of State Health Services. You can also email coronavirus@dshs.texas.gov.

In this issue of Fiscal Notes, the Comptroller’s office examines the spiraling cost of higher education and the enormous financial strain it places on young people and their families. The nation’s outstanding student loan debt was an astonishing $1.5 trillion as of Dec. 31, 2019, almost as much as the entire economic output generated by 29 million Texans each year.

Fiscal Notes also completes our two-part series on young Texans by looking at current rates of educational attainment and the skills high school graduates will need to find meaningful work in this fast-growing state.

“The nature of work is changing, with an ever-increasing demand for specific technical skills and some sort of postsecondary credential,” Hegar said. “The state’s 50 community college districts offer an array of programs, including scholarships and dual-credit arrangements with local high schools, to help as many students as possible find rewarding jobs with a future. That’s good for our kids, and good for Texas.”

Fiscal Notes is available online and can be received by subscribing via the Comptroller’s website.

Fiscal Notes furthers the Comptroller’s constitutional responsibility to monitor the state’s economy and estimate state government revenues. It has been published since 1975, featuring in-depth analysis concerning state finances and original research by subject-matter experts in the Comptroller’s office.