BACK UP SENATOR ELIZABETH WARREN


 

By Jueseppi B.

 

logo

 

 

 

Get this: Student loan interest rates are about to double to 6.8 percent. But big banks? They’re getting a sweet, sweet deal on borrowing money from the Fed: 0.75 percent.

 

No, that’s not a typo. Students will be paying 900 percent more than the biggest banks on Wall Street to borrow money.

 

Here’s what Sen. Elizabeth Warren had to say about that:

“As a country, every time we advance money to the big banks at low interest rates, we invest in those banks. We should be making at least that same kind of investment in our students.”

 

 

She’s right — and she just introduced her first bill to the Senate to fix this absurdity.

 

Back up Sen. Elizabeth Warren — become a citizen co-sponsor of her bill to give students the same ultra-low interest rates as big banks.

 

 

Sen. Warren Introduces the Bank on Students Loan Fairness Act

 

Published on May 8, 2013

Senator Warren Introduces the Bank on Students Loan Fairness Act, her first piece of stand-alone legislation, on May 8, 2013. The bill would would students who are eligible for federally subsidized Stafford loans to borrow at the same rate the big banks get through the Federal Reserve discount window. The full text of Sen. Warren’s remarks may be found here:http://1.usa.gov/143CUcs

 

 

 

 

 

 

Massachusetts Senate Warren.JPEG-0625f.r

 

 

 

On July 1st, the interest rate on new federal student loans is set to double from 3.4% to 6.8%. That rate is nine times higher than the rate at which the government loans money to the big banks.

 
That just doesn’t make sense. The federal government is profiting off loans to our young people while giving a far better deal to the same Wall Street banks that crashed our economy and destroyed millions of jobs.

 

That’s why I’ve introduced the Bank on Students Loan Fairness Act as my first bill in the Senate: To allow students to borrow money at the same rate as the biggest banks.

 

Please join me by signing onto the bill as a citizen co-sponsor.

 

College students carry more than $1 trillion in student loan debt, more than all the credit card debt in the country.

 

That’s a crushing burden on our kids and a crushing burden on our economy. Today’s graduates aren’t just delaying buying a home and starting a family — they’re moving back home with mom and dad and struggling to create some economic security.

 

The big banks that crashed our economy receive loans from the federal government at a rate of only 0.75% — that’s right, three-quarters of ONE percent. If Congress doesn’t act by July 1, our students will pay nine times more than big banks. Our students are the engine of our economic future, and they deserve at least the same deal as Wall Street.

 

Students don’t get the same Too Big to Fail guarantee as the big banks. But even though some students can’t pay their loans, overall the government is making 36 cents on every dollar we put into the student loan program. Next year, student loans are expected to bring in $34 billion.

 

Why should the big banks get a nearly-free ride while people trying to get an education pay nine times more? It isn’t right. 

 

Help me pass the Bank on Students Act, Jueseppi — sign on as a citizen co-sponsor today.

 
Thank you,

Elizabeth

 

24087_original

 

 
Senator Elizabeth Warren

P.S. Loan rates double in less than two months. We can’t afford to wait — sign on today.

Democracy for America relies on you and the people-power of more than one million members to fund the grassroots organizing and training that delivers progressive change on the issues that matter. Please Contribute Today and support our mission.

 

 

155686725-7425

 

Senator Elizabeth Warren takes part in a mock swearing in ceremony with U.S. Vice President Joe Biden and Bruce Mann in the Old Senate Chamber on Capitol Hill

 

letter

 

tumblr_md42vyVNHP1r3upm7o1_400

 

obamaforamerica1

 

michelle_obama_2016_bumper_sticker__34989

 

blogger4peacelogo

 

obamacratbottomlogo3

 

 

2 Responses

  1. […] Back Up Senator Elizabeth Warren (theobamacrat.com) […]

Reply At Your Own Risk. Leave The Dumbfuckery At The Door.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 314,601 other followers

%d bloggers like this: