}

PHENOM

Public Higher Education Network of Massachusetts

11,754 notes &

stfuconservatives:

smdxn:

Eliz. Warren wants to cut student interest rates to near zero

Senator Elizabeth Warren (D-MA) has introduced her first piece of legislation. It’s called the Bank on Students Loan Fairness Act, and would reduce the rate students pay on federally-subsidized student loans for one year, from 3.4% to 0.75%.
Without congressional action, on July 1 the rate is set to double from 3.4% to 6.8%.
Warren brings up an interesting point – her bill simply asks students to pay the same rates that big banks pay for borrowing.


She’s literally just asking if college grads can get the same deal as bank CEOs. The exact same interest rate. Not even a bailout or anything fancy (pipe dreams!) - just the same interest rate.

Amazing.

stfuconservatives:

smdxn:

Eliz. Warren wants to cut student interest rates to near zero

Senator Elizabeth Warren (D-MA) has introduced her first piece of legislation. It’s called the Bank on Students Loan Fairness Act, and would reduce the rate students pay on federally-subsidized student loans for one year, from 3.4% to 0.75%.

Without congressional action, on July 1 the rate is set to double from 3.4% to 6.8%.

Warren brings up an interesting point – her bill simply asks students to pay the same rates that big banks pay for borrowing.

She’s literally just asking if college grads can get the same deal as bank CEOs. The exact same interest rate. Not even a bailout or anything fancy (pipe dreams!) - just the same interest rate.

Amazing.

5 notes &

Some people say that we can’t afford to help our kids through school by keeping student loan interest rates low. But right now, as I speak, the federal government offers far lower interest rates on loans, every single day–they just don’t do it for everyone. Right now, a big bank can get a loan through the Federal Reserve discount window at a rate of about 0.75%. But this summer a student who is trying to get a loan to go to college will pay almost 7%. In other words, the federal government is going to charge students interest rates that are nine times higher than the rates for the biggest banks–the same banks that destroyed millions of jobs and nearly broke this economy. That isn’t right. And that is why I’m introducing legislation today to give students the same deal that we give to the big banks.

Big banks get a great deal when they borrow money from the Fed. In effect, the American taxpayer is investing in those banks. We should make the same kind of investment in our young people who are trying to get an education. Lend them the money and make them to pay it back, but give our kids a break on the interest they pay. Let’s Bank on Students… Unlike the big banks, students don’t have armies of lobbyists and lawyers. They have only their voices. And they call on us to do what is right.

Elizabeth Warren, Senator from Massachusetts (via majoringindebt)

269 notes &

meevist:

A big piece of paper was posted in my campus center with this title. Students wrote their responses and its enough to make me sick