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.
That vote was important
The Republicans filibustered our student loans bill earlier this year, voting to keep interest rates high on student loans so that they could protect tax loopholes for billionaires. Now it is election time, and it's time for a little accountability.
And it is happening in states like New Hampshire, North Carolina, Oregon, and Kentucky.
Alison Lundergan Grimes, Jeff Merkley, Kay Hagan, and Jeanne Shaheen all have campaign ads focusing on our student loans fight:
- Jeff's ad says that every kid deserves the chance to go to college and build a future without being crushed by debt.
- Jeanne's ad talks about how it isn't right that people can refinance their mortgages but not their student loans.
- Alison's ad points out that Senate Republican Leader Mitch McConnell led the fight, choosing millionaires over kids by blocking the vote.
- And Kay's ad shows that if we lose this November, more Republicans will vote against investing in our kids in the United States Senate.
Take a look at all of these ads, but more importantly share them with your friends. Post them on Facebook. Tweet them. Email them.
Even if you don't live in Kentucky, North Carolina, Oregon, or New Hampshire, let people know that November's election – and control of the Senate – has consequences for millions of people getting crushed with student loan debt.
Every Democrat, every independent, and even three Republicans voted to move our Bank on Students bill forward this year. We're only two votes short.
If we protect our Democratic senators like Jeanne Shaheen, Jeff Merkley, and Kay Hagan – and elect strong challengers like Alison Lundergan Grimes – we move one step closer to giving our students and families some relief. That's why I'm fighting my heart out to protect the Democratic majority this November.
The Senate Republicans have made it clear whose side they stand on. They'd rather protect the special tax loopholes for millionaires and billionaires, while our government makes literally billions of dollars in profit off of the backs of our students. That is deeply wrong – and it's up to us to fight back.
There's a clear choice in this election – but people across the country need to hear that message, too.
Our fights are making a real difference, not only in Washington but also in states across the country. Let's keep fighting for the last four weeks of this election.
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.