Fellow Young Dems,
There are currently 40 million Americans drowning with over $1 trillion in student loan debt. This indebedess has financially paralyzed an entire generation and is a barrier to economic growth in this country.
This week, Senator Elizabeth Warren and twenty-three of her Senate Democratic colleagues are introducing a bill to help provide some relief. The Bank on Students Emergency Loan Refinancing Act, or the “Fair Shot Act,” would allow graduates to refinance their current student loan interest rates to the lower rates afforded currents students (3.86%) thanks to the bipartisan Student Loan Certainty Act passed in 2012.
The passage of this bill would save graduates hundreds, and in many cases thousands, of dollars each year. This money could be put to better use and towards purchasing cars and homes and other goods that fuel our economy. Read the full press release from Senator Warren as well as the fact sheet on the legislation.
As Senator Warren suggests, “we need to stop treating our students as profit centers.” The Government Accountability Office reports that the government is set to profit $66 Billion from the loans issued between 2007 and 2012 alone. The American Dream should not be so costly and our government shouldn’t be profiting off the country’s graduates who are drowning in debt! The Act would offset the cost by enacting the “Buffett Rule” which would close tax loopholes enjoyed by the nation’s millionaires and billionaires.
It is our hope that Kentucky Senators Mitch McConnell and Rand Paul will choose our working graduates over the nation’s wealthiest few.
TAKE ACTION TODAY!
- Sign the KYD Petition and tell Senator Mitch McConnell and Senator Rand Paul to support the Bank on Students Emergency Loan Refinancing Act. (Deadline: 5:00 pm, Sunday, May 11.)
- Want to share your story on how your student loan debt has affected you and your family? You can share that story here.
- Attend the rally this Thursday (May 8) in Lexington at the University of Kentucky beginning at Noon! (Click here for details and to RSVP with the event organizers.)
KYD, Vice President