Sen. Jeff Merkley (D-OR)
Sen. Elizabeth Warren (D-MA) thinks its wrong that Big Banks get interest rates on their loans that are seven times lower than America’s students. That’s why she introduced a bill to make the rates exactly the same for one year.
Today, Sen. Jeff Merkley (D-OR) announced that he will be co-sponsoring Warren’s legislation, called the Bank On Student Loan Fairness Act:
Proud to cosponsor @senwarren‘s bill to give our students the same loan rates our biggest financial institutions get from the Fed
ai??i?? Senator Jeff Merkley (@SenJeffMerkley) May 14, 2013
Help us keep up the momentum.Ai??Weai??i??ve started a petition to support Warrenai??i??s bill. Click here to sign on and help us get started on ending the student debt crisis.
Thank you, Senator Merkley for cosponsoring Senator Warren’s Bank on Students Loan Fairness Act. Also please remember: as far as interest rates go, the biggest problem of all is excessive compounded interest added to principal. Unless you become gainfully employed soon after graduating (emphasis on gainfully) and can pay off your loan fast, interest compounds and the principal grows ad infinitum. Many debtors end up paying double or triple what they actually borrowed to go to college. This is an outrage and seems completely out of sync with the original mission of the student loan program. People want to pay back FAIRLY what they borrowed, but the system seems rigged to make it impossible for those who are struggling financially but are making every good-faith effort to pay it off. What is needed is a reasonable cap on the total amount paid back over the original loan amount. I sure hope you and Senator Warren can do something to right these wrongs — and not just for current/future students but those weighed down now by the extreme weight of that capitalized interest.
The 1% own DC. so until they are all asked to resign,this profiteering will continue…
This is the Best way to cut college costs Immediately! Thanks to their wise grandfather, my children had some college money. To help, I did PR for Clemson University, taught at community colleges, and another university, until i was disabled by a stroke.
Still, both have relatively small student loans they are repaying. This will help so much!
Thank you, Senator Warren!
I am for progressive values. You have inspired me to believe again. I support Elizabeth warren too!