}

PHENOM

Public Higher Education Network of Massachusetts

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PHENOM’s First Action of the Year!

With our fabulous new Executive Director on board**, PHENOM is redoubling its organizing, advocacy and action agenda!  Starting in right away….

Spread the word…

STARTING SCHOOL….ENDING DEBT!

While we rally in Boston to demand action on the student debt crisis, we will be thanking Sen. Elizabeth Warren for her efforts to cut student loan interest rates.  Please join us, spread the word, and ask all your contacts to sign PHENOM’s thank you card to Sen. Warren.  

Friday, September 5

12 Noon to 1 PM

15 Sudbury Street, Boston

Almost a million Massachusetts residents owe more than $24,000,000,000 (that’s billion!) in student debt, much of it at high interest rates. Private banks and the federal government have been making a ton of money on these loans, while the future prospects of both individual borrowers and the state’s economy are undermined.

Sen. Warren has introduced a bill that would allow a huge number of student loan borrowers to refinance their loans – both government and private – at a lower interest rate. Under the Bank on Students Emergency Loan Refinancing Act, 581,000 Massachusetts borrowers would benefit, saving over a billion dollars in the first year alone.  The Senate will be voting on this bill around September 9!  It came within 2 votes of passing in the spring.

You can figure out how much you would save on your loan if this bill passes.Then, join us as we

  • Unveil new research on the causes and consequences of student debt in Massachusetts, and creatively bring media attention to the crisis
  • Show support for Sen. Warren’s legislation and thank her for her efforts
  • Engage downtown Boston in a discussion of student debt

Bring your friends and join PHENOM, Jobs with Justice, Campaign for a Debt-Free Future, Generation Progress, Higher Ed Not Debt and others:

Friday, September 5

12 Noon to 1 PM

15 Sudbury Street, Boston

If you can’t come - or even if you can - please participate by signing PHENOM’s thank you card.

For more information about the bill, please see

http://genprogress.org/wp-content/uploads/2014/07/Refi_Warren_Fact_Sheet2.pdf and

http://genprogress.org/wp-content/uploads/2014/08/Refi_Fact_Sheets_MA1.pdf


** Natalie is traveling around the state, meeting groups and individuals who are interested in learning more or plugging in to PHENOM’s activities.  Invite her to your campus or community group by writing to phenom@phenomonline.org!

11,740 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)

268 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