MASSLIVE: Sen. Elizabeth Warren priority: Pushing Republican-controlled Congress to address student loan debt crisis
Career College Central Summary:
U.S. Sen. Elizabeth Warren, D-Mass., said her vision for 2015 in Washington involves maintaining a sharp focus on student loan debt and the drag it is on the economy and the future of the country.
While Warren previously introduced and pushed a bill to allow people to refinance student loans at the current low rates to save them money each month, it failed in the Senate, although it drew an impressive 58 votes.
When asked just how she plans to move such a bill and policy priority forward in a Republican-controlled Congress, Warren said it comes down to explaining how it affects everyone- regardless of if they have outstanding student loans themselves.
"The Federal Reserve, the FDIC and the Consumer Financial Protection Bureau have all done reports showing that young people with student loan debt are not taking the economic steps they would ordinary take at this point in their lives. The student loan debt is becoming a drag on the whole economy," Warren said. "And yet the federal government is making billions in profits."
She said that the aforementioned studies must carry a specific context in order for people to push their elected officials, including Republicans, to demand change.
"I talk about student loan debt every chance I get. I talked with the folks at Staples and they said a big part of their business is start-ups because a lot of them do purchases through Staples. They talked about how during the recession that was a real problem as less people were starting businesses," Warren said. "I talked to them about the data that showed young people are not starting businesses at the rate we anticipate and a big reason was the student loan debt. They were interested and I want them to be interested. They can help us make change. This affects us all. This affects housing values. The home builders get this. The realtors get this. And the more people who get it, the better off we'll be."
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