Senator Elizabeth Warren thinks student loan debt is hurting an entire generation of Americans. (photo AP)
22 March 15
ast
year, I introduced a bill that would allow people getting crushed with
student loan debt to refinance their loans down to today’s lower
interest rates.
More than 700,000 people signed petitions in support
of the plan. Every Democrat, every Independent, and three Republicans
voted to move the bill forward. But the rest of the Republicans
filibustered the bill, so it didn’t pass.
Since last year, nearly a million more borrowers have
fallen behind on their payments. Altogether, students are now struggling
with $100 billion MORE debt than they were a year ago.
Student loan debt was an economic emergency last year –
and now that emergency is getting worse. That’s why I’m reintroducing
the Bank on Students Emergency Loan Refinancing Act. Join me in telling
the Senate Republicans: Student loan refinancing can’t wait another
year.
Our proposal is simple: Refinance outstanding student
loans down to 3.9% for undergraduates, and a little higher for graduates
and PLUS loans. This single change would give borrowers across the
country a chance to save hundreds – and for some, thousands – of dollars
a year.
That’s real money that these borrowers could put
toward paying down the balance on their debt, saving for a home, buying a
car, starting a small business – money they can put toward building a
solid future.
We should have done this a year ago, but Republicans
said no. They refused to even debate the bill. They said there were
other, better ways to tackle student debt – but then the Republicans did
nothing – nothing except filibuster the only student loans bill on the
table.
I don’t kid myself: Refinancing loans won’t fix
everything that’s wrong in our higher education system. We need to cut
the price of college, to reinvest in public universities, to shore up
federal financial aid, to crack down on for-profit colleges, and to
provide better protections on student loans.
But let’s start with the $1.3 trillion in outstanding
student loan debt. Let’s start by cutting back on the interest payments
that are sinking young people and holding back this economy. Tell the
GOP: Let’s start with Bank on Students.
The Republicans can’t just close their eyes and
pretend this isn’t happening. By refusing to act, they are sinking the
hopes of an entire generation.
It’s time for Congress to step up and fix this
problem, before it drags down another million Americans, and another,
and another. It’s time to refinance student loan debt.
SANDERS PANDERS NOT, TO THE 1% (and neither does Warren).
Your take, as stated in this article, most certainly confirms that you are a people v. bank (a.k.a. 1%) server. Certainly do hope that you and Sanders get the courage and determination to declare your intention to run. A SANDERS/WARREN TICKET IS A WINNER. Period.
Greed and selfishness are sacraments here, and foolishness about the future is the guiding principle.
It's not a liberal vs. conservative conflict; it's a conflict between those who want a sustainable future and those who are too blinded by their greed and selfishness to see what is happening to the country.
I have to say… That is the understatement of at least the last decade about Republicans.
Its obvious they are out to sink EVERYTHING post FDR and the hopes, dreams and aspirations along with the collective wealth and power of what constitutes 'WE The People' and all the social strides and gains made along the way. All, in the name of a very few 'special' people who think they are the cream of beings and that the structure of America from government to people's place in society should reflect that the way a jungle reflects such among the beasts and the way the Egyptians and Romans reflected it in their 'glorious' ways.
All hail the Oligarchs and their Republican Guardians.
Gosh. They are so…………… far above the rest of us..!