Springfield Republican: Sen. Elizabeth Warren: GOP Will Sink an Entire Generation Without Action on 'Crushing' Student Loan Debt
MAR 18, 2015
WASHINGTON - The problem of overwhelming student loan debt was bad in 2014 and with no action from Congress over the past year, it has only worsened.
This is the principle which led U.S. Sen. Elizabeth Warren, D-Mass., to reintroduce a bill which would allow people holding student loans financed at rates higher than today's interest rate to refinance those loans, similar to the way one refinances a home mortgage or car loan.
"A problem that was bad a year ago got worse. Since last year, nearly a million more borrowers have fallen behind on their payments. They are watching their loan balances get bigger, not smaller," Warren said in a phone interview from her Washington office on Wednesday. "We're back with this bill because we have to refinance student loans. Students are now struggling with $100 billion more in debt that a year ago. There's a total of $1.3 trillion in student loan debt that is crushing people, and the government continues to make obscene profits off these loans."
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