Sen. Warren introduces first bill: Extending to Students Same Interest Rates Enjoyed By Big Banks.

[pa28]

WASHINGTON, DC – In a speech delivered on the floor of the United States Senate today, Senator Elizabeth Warren called on Congress to stop student loan interest rates from doubling this summer and introduced her first piece of stand-alone legislation, which would allow students to pay the same interest rate on their government loans as big banks. On July 1st of this year, student loan interest rates are set to jump from 3.4 to 6.8 percent, while banks can borrow from the Federal Reserve’s discount window at a rate of approximately .75 percent.

http://www.warren.senate.gov/?p=press_release&id=81

WTG Senator! I doubt the bill will go anywhere but it will be really instructive to watch who tries to kill it and how.

[hedgehog]

1. I like this woman!

[dballance]

2. If it weren't for Warren, Sanders, and Grayson I'd give up on congress completely.

There are a few bright spots out there.

[BlueCaliDem]

3. All Congresscritters should vote to pass this bill because it's fair, it's just, and if banks

can borrow at a low, low, low 0.75% interest rate, then why shouldn't our future engineers, attorneys, doctors, teachers, and more importantly, taxpaying citizens (unlike banks) borrow at the same rate? I mean, we're still a government "of the people, by the people, for the people", right?

Students are our future. Banks are the drain on our society. This should be a no-brainer for Congress. I know President Obama would sign that bill into law in a heart-beat.

[pa28]

8. He'd sign it if it reaches him.

Now it only has to get past banker friendly dems, Republican filibuster and the house. The real value here is confronting the issue with an actual bill and forcing the scumbags listed above out of hiding.

[daleanime]

9. Bet they find a way to kill it...

and leave no finger prints.

[Sirveri]

21. How do you know he'd sign this if it reached him?

Assuming it would ever reach him, I'm assuming 'him' is Obama.

[gaspee]

4. Right on!

Now that is an idea I can get behind. I love this woman.

[bayareamike]

5. Awesome.

Is this only for undergraduates or for graduate and professional students as well?

[daleanime]

10. Hopefully all.

[Autumn]

6. This woman rocks my world

she always says the right thing and seems to carry through with it. 2016

[srican69]

7. too late for me .. I pay 6.8% on my 120K student loan even though I have 800+ credit score

[Warren Stupidity]

12. A fair policy change would be retro-active applying to all current loans.

[srican69]

15. I doubt if the pukes would allow that ... they hate us with a passion

[Myrina]

11. I love the idea, but really, it's a statement and not much else.

No chance in hell it's going to see the light of a media camera, be the topic of a campaign debate question, or even go to a committee for any kind of discussion.

We are fully and truly screwn. There's some consolation in knowing that a couple congress critters see it and empathize, but still, at the end of the day, we are screwn.

[MannyGoldstein]

19. Remember, this is the woman who willed the CFPB into law.

I wouldn't bet against her.

[WillyT]

13. HUGE K & R !!!

[OnyxCollie]

14. Elizabeth Warren is simply a crumb tossed to us.

As great as she is, in the Senate she will be rendered useless.

Previously, she was only an interim director of the CFPB, where she could have really kicked some ass.

Huzzah! It's almost progress!

[SunSeeker]

16. Yes!!

Investing in our students invests in our future. It has a direct correlation to future GDP growth. Banks? Not so much. And for profit banks don't need to be subsidized by taxpayers.

[Scuba]

17. Why can't we get 300 or so just like her in Congress in 2014?

C'mon Democratic Party leadership, either lead, follow or get out of the way!

[snagglepuss]

18. K & R

[rhett o rick]

20. Most likely it wont get to the floor. nm

[TakeALeftTurn]

22. Student loans by the numbers

The average student loan default rate is now 13.4% and climbing.
Goodness knows what that number will go up to if interest rates are doubled from 1st July.

The total amount of student loans is now greater than $1tn.
And is now higher than the total amount of sub prime mortgage loans in 2007.

Some other interesting numbers about student loans.
http://www.guardian.co.uk/money/2013/apr/03/student-loan-debt-america-by-the-numbers

[libdude]

23. The beneficial ripples

of an educated population which is reflected in the continued support of public education and student loan programs. These student loans to the students and to the parents of students not only benefit the students, but also provides benefits to society in general. The benefits gained by society are many, but a few are an educated electorate, a nation of successful adults that in turn create successful communities, etc.
I could go on but the point is an investment in students via student loans is an investment in our own future. Creating a system that leaves students with enormous debt that never is retired does no good for the student nor in creating a better society.

[hay rick]

24. Last year, student loan legislation offered a bipartisan opportunity for mischief.

The headline one-year student loan interest hike reprieve in MAP-21 was used as cover for an attack on defined benefit pensions. Story here: http://www.democraticunderground.com/1002974967

[Paper Roses]

25. Lets hope someone else goes along with this. I like this woman.

She has so far kept her word. A rare thing in Washington.

[vt_native]

26. I sure could have used this 20 years ago

Just sayin'

Thank you Sen. Elizabeth Warren, for standing up for people.

[dotymed]

27. Ms. Warren what a great and fair piece of legislation.

Honestly, after being burned twice by candidate Obama I was hesitant to accept you as a true Progressive, until I felt you had proven credentials (like this legislation). I become more impressed by your sense of justice. Keep up the good fight, in actions, and as you stand by average people, who have become beasts of burden, I will support and praise you like I do the very few other members of congress who actually represent the majority of Americans. Thank you.

[Laelth]

28. Kicking an old thread.

Just as a reminder.



If you like Elizabeth Warren, and if you'd like to see her run for President, you can get your Warren 2016 banner for your sig. line here.



-Laelth