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Elizabeth Warren Student Loans Bill Endorsed By Several Colleges, Organizations

Elizabeth Warren Student Loans Bill Endorsed By Several Colleges, Organizations

The Huffington Post  |  By Posted:   |  Updated: 05/24/2013 3:04 am EDT

A little more than two weeks after introducing her first bill, Sen. Elizabeth Warren (D-Mass.) is already seeing a wave of strong support.

Back on May 8, Warren announced her plans to set student loan interest rates at the same level big banks receive from the Federal Reserve. Come July 1, some student loan rates are set to double from 3.4 percent to 6.8 percent, prompting Warren to push for legislation that reduces the level to 0.75 percent.

By Thursday, Warren's website showcased that more than two dozen organizations have endorsed the measure. Among the notable supporters were major universities like the Massachusetts Institute of Technology and groups like American Federation of Teachers.

Coupled with the support from outside sources is a strong core of political colleagues behind the bill. Sens. Mark Begich (D-Alaska), Barbara Boxer (D-Calif.), Mary Landrieu (D-La.), Claire McCaskill (D-Mo.), Jeff Merkley (D-Ore.) and John Rockefeller (D-W.Va.) have joined on as co-sponsors, and Rep. John Tierney (D-Mass.) has introduced a corresponding House version of the bill.

In a Tuesday op-ed for the Boston Globe entitled "Banking on our students," Warren and Tierney stressed the other end of the student loan predicament: government profits. Back in mid-May, figures from the Congressional Budget Office showed that the Department Of Education is set to reap a record $51 billion profit from student loan borrowers. From the Globe:

This is not fair. And it’s not necessary, either. The federal government makes 36 cents on every dollar it lends to students. Just last week, the Congressional Budget Office announced that the government will make $51 billion on the student loans it issued this year — more than the annual profit of any Fortune 500 company, and about five times Google’s yearly earnings. We should not be profiting from students who are drowning in debt while we are giving great deals to big banks.

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If they enforced bank regulations like they do park rules, we wouldn't be in this mess

by on May. 24, 2013 at 9:51 AM
Replies (21-26):
Lizardannie1966
by on May. 24, 2013 at 11:37 AM

You have to remember however, with the unemployment rate lowering, that it is also reflective of participants being bounced off of unemployment because they've maxed out or finally decided to no longer continue claiming.

IE...not everyone that has brought that percentage lower has done so because they got a job. Many of those unemployed with a degree are still finding it hard going, jobless and because they're over-qualified for a lot of what is offered out there (depending on the state, of course).

However, I agree with this new bill completely.

Quoting jhslove:

 Let's also not forget that the unemployment rate is SIGNIFICANTLY lower (3.9%) for people with at least a bachelor's degree than it is for those without.

I think this is a great bill. We should be investing at least as much in college students, the future workforce, as we are in the big banks.


Quoting Lizardannie1966:

"Obummer," as you refer to him, helped to initiate a reasonable and low-cost pay off program for those who've seen their student loans go into default.

They work with the DOE, paying back a fee each month that they (a former student) can budget and within a matter of months, their student loan is no longer in default and they can then start on a new program that will be budget-assisted to fit their income needs to continue paying their loans off and help avoid future default.

The guy can't be that bad to have helped with this type of program.

Quoting gsprofval:

The student loan rates went up when obummer decided that only 5 banks in the U.S. can make student loans.  What a bunch of crap.

Since most student loans aren't paid any way, it probably won't matter. Because of obummer, there are very few jobs for college grads.





lga1965
by on May. 24, 2013 at 11:38 AM

 

Quoting gsprofval:

The student loan rates went up when obummer decided that only 5 banks in the U.S. can make student loans.  What a bunch of crap.

Since most student loans aren't paid any way, it probably won't matter. Because of obummer, there are very few jobs for college grads.

 All three of my kids have degrees and a bunch of student loans---two of them have repaid them, the third has only a few payments left. People DO repay their loans. You must know some real losers.

I love how you blame everything on "obummer". Sooooo inappropriate and wrong of you.

jhslove
by Bronze Member on May. 24, 2013 at 12:02 PM
1 mom liked this

 I know, right? My husband and I have never missed a payment on his student loans. It's hard and it entails making sacrifices, but we do it because it's our responsibility and we take it seriously. All of our friends who have loans (and that's a lot) are paying them.

Then again, I don't choose to hang out with people who would borrow money and then not pay it back. There's a lot to be said for personal responsibility and integrity, but apparently not everyone agrees.


Quoting lga1965:

 

Quoting gsprofval:

The student loan rates went up when obummer decided that only 5 banks in the U.S. can make student loans.  What a bunch of crap.

Since most student loans aren't paid any way, it probably won't matter. Because of obummer, there are very few jobs for college grads.

 All three of my kids have degrees and a bunch of student loans---two of them have repaid them, the third has only a few payments left. People DO repay their loans. You must know some real losers.

I love how you blame everything on "obummer". Sooooo inappropriate and wrong of you.


 

jhslove
by Bronze Member on May. 24, 2013 at 12:04 PM
1 mom liked this

 Oh, and in my husband's field at least, the job market has improved markedly during the period that Obama's policies have had an impact.


Quoting lga1965:

 

Quoting gsprofval:

The student loan rates went up when obummer decided that only 5 banks in the U.S. can make student loans.  What a bunch of crap.

Since most student loans aren't paid any way, it probably won't matter. Because of obummer, there are very few jobs for college grads.

 All three of my kids have degrees and a bunch of student loans---two of them have repaid them, the third has only a few payments left. People DO repay their loans. You must know some real losers.

I love how you blame everything on "obummer". Sooooo inappropriate and wrong of you.


 

lga1965
by on May. 24, 2013 at 12:49 PM

 Cool ! That's great!

Quoting jhslove:

 Oh, and in my husband's field at least, the job market has improved markedly during the period that Obama's policies have had an impact.

 

Quoting lga1965:

 

Quoting gsprofval:

The student loan rates went up when obummer decided that only 5 banks in the U.S. can make student loans.  What a bunch of crap.

Since most student loans aren't paid any way, it probably won't matter. Because of obummer, there are very few jobs for college grads.

 All three of my kids have degrees and a bunch of student loans---two of them have repaid them, the third has only a few payments left. People DO repay their loans. You must know some real losers.

I love how you blame everything on "obummer". Sooooo inappropriate and wrong of you.

 

 

 

OHgirlinCA
by Platinum Member on May. 24, 2013 at 1:20 PM
2 moms liked this

 Being a parent of a student who is seeing this increase in interest rates right when she begins her college experience, I would LOVE to see this legislation put through.  College students are already inundated by exorbitant fees.  These lower rates would certainly be a help to them.

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