Sen. Warren’s student loan bill blocked
We’ve pledged our support for several of Senator Elizabeth Warren (D-MA)’s initiatives that would help reduce student debt, including her recent bill to let borrowers refinance their loans at lower rates.
Unfortunately, today our hopes were dashed by the news that Senate Republicans had blocked Sen. Warren’s bill.
Republicans block student loan bill
The bill would have set minimum tax rates for people making over $1 million as a way of offsetting the amount the government would lose by allowing borrowers to refinances at lower interest rates.
The government makes billions of dollars off of student loans, and Sen. Warren said it’s time for the government to stop profiting off the backs of its students.
President Obama echoed her sentiments in a speech this past Monday.
College costs must still be addressed
Republicans who rejected the bill said it wouldn’t have done anything to lower the cost of college or stop students from borrowing tens or hundreds of thousands of dollars to pay for it.
We agree with both sentiments but would like to see initiatives that take steps to address both past and future borrowers. Sen. Warren’s plan would have reduced the burden on the nation’s $1.2 trillion in student loan debt, and we believe this is necessary to help the millions of Americans struggling to repay their loans.
We hope to see another bill–or an amended one–that addresses the rising, unchecked cost of higher education and holds colleges accountable.
Make college more affordable to reduce student loan debt
Hopefully, Sen. Warren’s plan will help both parties come up with a creative solution that addresses both current massive student loan debt and the future debt students will be forced to take on in order to afford college.
We help students and families address these issues by offering ways to make college more affordable and help students figure out the best way to repay their student loans.
If you’d like to learn more about how we can help you, give us a call at 1-888-234-3907 or fill out this form and we’ll get back to you ASAP.