Share on Google Plus Share on Twitter 1 Share on Facebook Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend (1 Shares)  

Printer Friendly Page Save As Favorite View Favorites (# of views)   4 comments
OpEdNews Op Eds

Republicans Are Sinking the Hopes of an Entire Generation

By       Message Elizabeth Warren     Permalink
      (Page 1 of 1 pages)
Related Topic(s): ; ; , Add Tags Add to My Group(s)

Well Said 2   Interesting 2   Inspiring 2  
View Ratings | Rate It

opednews.com Headlined to H2 3/22/15

Author 53610
Become a Fan
  (25 fans)
- Advertisement -

Reprinted from Reader Supported News

From flickr.com/photos/22620970@N04/6860127956/: Elizabeth Warren
Elizabeth Warren
(Image by mdfriendofhillary)
  Permission   Details   DMCA
- Advertisement -

Last 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.

- Advertisement -

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.

- Advertisement -

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.

 

- Advertisement -

Well Said 2   Interesting 2   Inspiring 2  
View Ratings | Rate It

Elizabeth Warren was assistant to the president and a special adviser to the Treasury secretary on the Consumer Financial Protection Bureau. She single-handedly set us this bureau, putting in place the building blocks for an agency that will (more...)
 

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon



Go To Commenting
/* The Petition Site */
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Related Topic(s): ; ; , Add Tags
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Elizabeth Warren: This is Democracy

Chris Christie at the Republican National Convention

We Don't Run This Country for Corporations

Without rules, financial markets don't work

Stop rigging system against small business

Wall Street isn't happy with us