Oct 13, 2014 12:37 PM EDT By Russell Westerholm, UniversityHerald Reporter

With the Higher Education Act (HEA) reauthorized, college affordability and student loan debt has been forced into the spotlight and now lawmakers are thinking up ways to help.

According to NerdScholar, the HEA was first introduced 50 years ago and since, Americans have reached an unfortunate all-time mark. For the first time, the collective student loan debt in the nation has surpassed $1 trillion, leaving students who graduated last year with an average debt of $29,400.

Legislators and even the President have taken actions to help students pay back what they owe or to relieve some of their debt. The Consumer Financial Protection Bureau (CFPB) and other government agencies have been keeping a keen eye on leading national lenders like Sallie Mae. Sen. Elizabeth Warren (D-Mass.) has been highly critical of the Education Department for their continued partnership with Sallie Mae, because of what the lender is accused of doing to its customers.

All this because going to college is proven to still be worth the investment even if it leaves students thousands of dollars in debt.

U.S. Sen. Tom Harkin drafted a 785-page proposal, NerdScholar reported, known as the Higher Education Affordability Act. The bill hopes to increase what states contribute to their public schools, lessening in-state intuition, as well as helping high school students head into college with credits.

Felicia Gopaul, a certified financial planner and president of College Funding Resource, told NerdScholar what it comes down to is how borrowers with a pile of debt can pay it back right now.

"I think the numbers part of it is really the key piece that people don't always get," Gopaul said. "You know, if you borrow $30,000, $50,000, whatever you're borrowing, that is the number that you're going to have to pay back."

Now on its 10th reauthorization, the HEA was initially implemented to expand financial aid and make college more accessible. President Lyndon Johnson's goal is essentially still intact.

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