Welcome to Young Professionals for Elizabeth Warren! Over the next four months, we will be growing this community to talk to our friends, family members and neighbors about why we need Elizabeth Warren in the U.S. Senate. Start organizing today - sign up using the form to the right.
Bank on Students
Last year, we fought to lower the interest rates on student loans – and nearly all the Republicans in Washington agreed with us that rates were far too high.
So Congress lowered the rates for new borrowers this year – not as much as we would have liked, but some. But Congress did nothing for the millions of people stuck with older high interest rate loans.
Today, I'm introducing the Bank on Students Emergency Loan Refinancing Act, and the idea is so popular that it already has 23 co-sponsors. The bill lets qualified borrowers refinance their existing student loan debt to the same lower prices that Congress agreed upon for new students this year.
Sign up now to show your support for the Bank on Students Emergency Loan Refinancing Act.
Student loan debt is exploding. Outstanding student loans now total more than $1.2 trillion – and each year, students are taking on more and more and more. In 2012, an astonishing 71% of college seniors owed student loans, and, from 2004 to 2012, the average student loan balance increased by 70%.
Now, millions of young people are struggling to keep up with their student loan payments. Everywhere I go, I meet young people who worked hard, played by the rules, and got an education – only to be crushed with student loan debt.
The economic impact is real. Federal watchdog agencies like the Federal Reserve, the Treasury Department, and the Consumer Financial Protection Bureau are already sounding the alarm. Every day, this exploding debt stops more and more young people from moving out of their parents' homes, from saving for a down payment, buying homes, buying cars, starting small businesses, saving for retirement, or making purchases that grow our economy.
Forty million Americans have outstanding student loans. The Bank on Students Emergency Loan Refinancing Act will save millions of these young people hundreds or even thousands of dollars a year, putting real money back into their pockets. The sooner we pass refinancing legislation, the sooner they'll get a little bit of relief.
Tell Congress to give a much-needed break to young people struggling to build a future. Join us in support of the Bank on Students Emergency Loan Refinancing Act.
They did everything we told them to do
Last year, you and I fought to lower the interest rate on new federally subsidized student loans.
During that fight, I also heard from a lot of young people being crushed by their old student loans. They did everything we told them to do: They worked hard, got good grades, went to college and learned new skills -- and now are drowning in debt.
The numbers prove it. More than a third of borrowers under the age of 30 have been delinquent on their student loan payments for more than 90 days. Think about that.
Tying students to a lifetime of financial servitude as a condition of getting an education? That doesn't reflect our values.
In the coming weeks, I'll introduce new legislation to allow eligible borrowers with high interest student loans to refinance at new rates that are at least as low as those now being offered to new borrowers in the federal student loan program -- putting real money back into the pockets of young people who worked hard to get an education.
We know from the last student loan fight that we have an uphill battle ahead of us -- and I'm going to need your help, and the help of tens of thousands of people all across the country, to make the case for why this is so important.
Sign up now to show your support for refinancing student loans -- and share your own student loan story if you have one.
The idea is pretty simple. When interest rates are low, homeowners can refinance their mortgages. Big corporations can swap more expensive debt for cheaper debt. Even state and local governments have refinanced their debts.
Letting recent graduates refinance their student loans puts real money back in the pockets of middle class families. Real money that will help young people find a little more financial stability as they work to build their futures. Real money that says America invests in those who work to get an education.
Real money for people like you, your kids or your grandkids.
As we introduce this bill in the coming weeks, I'll need your help to speak out and say why refinancing student loans is important to you. Sign up now and share your story.
Refinancing student loans won't fix everything that's broken in the higher education system -- but for many of our graduates, it is an important step forward.
We can't do this to our kids
The government will make $51 billion in profit off of federal student loans this year.
That's five times the money Google made in profit in 2012. In fact, it's more than any Fortune 500 company made last year.
It's obscene. Our government should help students who are trying to get an education, not figure out ways to squeeze more money out of them.
This week, the Senate will be voting one more time on a bill to freeze the interest rate on new Stafford student loans at 3.4% while Congress works out a long-term student debt solution. A majority of senators support the bill, but so far, the Senate Republicans have blocked an up-or-down vote.
I have been speaking out on this issue, and I'm writing today to ask you to join me. Tell the Senate to stop playing politics with our kids' futures and to give the student loan bill an up-or-down vote.
Students owe more than $1 trillion in student loan debt – more than all the credit card debt in the entire country.
But they didn't go on a shopping spree at the mall -- they did exactly what we told them to do. They worked hard, they played by the rules, and they got an education.
Too many of those kids must delay buying a home because they can't save for a down payment. They delay starting a small business because they can't get a loan. They delay putting anything away for their retirement because their exploding student loan debt is making it impossible for them to save. They delay their start on life -- and all the while, the government rakes in more and more profits.
I was ashamed when the interest rate on student loans doubled last week. Not just as a United States Senator, but as a teacher, a mother, and a grandmother. We should do better for our students.
Students don't have an army of lobbyists demanding a better deal. They don't have millions of dollars for a splashy public relations campaign to shame our elected officials and to get the media's attention.
It's going to take all of us working together -- people all across the country saying, "We can't do this to our kids." And that starts with you, right now.
Tell the Senate: Give the student loan bill an up-or-down vote.
Thank you, and keep fighting!