Student Loans Doubled, and Sen. Warren Hasn't Given Up the Fight

July 2, 2013
By Seth Maloney | 5 comments

From Senator Elizabeth Warren:

A month ago, we launched a national movement together to cut student loan interest rates. More than one million people signed on to give students the same good deal we give the big Wall Street banks.

So far, we can't get a cut. But it's worse than that.

Today, interest rates on new student loans will double to 6.8%, yet Republicans continue to block a vote to keep rates at the current 3.4% for another year. Instead, at a time when the government is scheduled to make obscene profits on federal student loans -- $51 billion this year -- Republicans have proposed their own plan to increase government profits even more.

We will not play chicken with our students' future. That's why my colleagues and I, led by Senators Jack Reed (D-RI) and Kay Hagan (D-NC), have introduced the Keep Student Loans Affordable Act, to lock in the current 3.4% interest rate for one more year as we continue to push for real, long-term reform. On July 10, the Senate will vote on this proposal.

If you support stopping student loan rates from doubling, I need you to call on Congress to pass the Keep Student Loans Affordable Act by adding your name today.


There's a fundamental question here: Should we be investing in our students who want to build a better future for themselves and their families, or should the government be profiting at their expense?

One year is just a short-term patch. But we need the time to fight the bigger fight.

In the long-term, we need to address the $1.1 trillion dollars in existing debt, to bring exploding college costs under control, and to stop treating our students as a profit center for our government.

DFA members have done amazing work. You've called Senators, written letters, and brought new leading educators on board. We are on the right side on this issue, and I know that if we push harder, in time we will win the day.

But with the deadline now passed, our students shouldn't pay for Congress's failure to act. Allowing rates to double this summer, or passing the costly Republican plan, would add billions to the already enormous debt burden our students suffer.

Holding interest rates at 3.4% now gives us the time to craft a real solution, one that offers real relief and real reform.

Join me and demand Congress lock in low interest rates low today.


Thank you for being a part of this,

Elizabeth

Senator Elizabeth Warren


Categories: Education

Comments

Commenting on this post has been closed.

It is insane that our young people will get out of college and be so burdened with debt that they can't take the creative, entrepreneurial risk that make dreams come true. I have 4 kids, all in state colleges and their tuition has gone up every year. The government shouldn't be making money on the backs of our future. LOWER THE STUDENT DEBT INTEREST RATES!

Joanne Mayoza

Student loans at reasonable interest were there when I was the first born of a family with no college graduates-- today, we all have degrees, pay taxes, support our communities and own businesses- its hard enough when student loans are the #2 debt in the nation- give these kids a chance and keep the rates the same banks pay!!

katherine baril

Keep the cost of college down by improving K-12 education. Make a high school degree meaningful again and fewer kids will need college. Dropping demand will cause colleges to lower tuition.

Fred Wojohoitz

End student loan slavery.

Shirley Bruno

Please do at least 1 good thing before the year is over. Lock in low interest rates now!!! The students will have a tough enough time making a decent living when they graduate college,w/o having huge student loans to pay. Most families can't afford to pay their child's way through school, only the top 1% can do that .

Sheila Ilacqua
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