Senators and Action In Regards To The Student Loan Debt Issue

Senators and Action In Regards To The Student Loan Debt Issue

Although we ask our senators for help, we are still getting the rhetoric that something needs to be done, but even with the best intentions, real action is still missing.

“Sen. Booker was joined by Sens. Elizabeth Warren (D-MA), Al Franken (D-MN), Jack Reed (D-RI), Richard Durbin (D-IL), Charles Schumer (D-NY), Richard Blumenthal (D-CT), Chris Murphy (D-CT), and Ben Cardin (D-MD) in urging Senate Republicans to support the Bank on Students Emergency Loan Refinancing Act. Ensuring the nation’s young people have a chance to afford college is a critical part of the Senate Democrats’ plan to give all Americans a fair shot.

“Our greatest national asset is the intellectual genius of our young people,” Booker said.“We should be supporting them in their pursuit of higher education, not making it more difficult. Our current system is not only a disservice to our students, but our collective future as a nation in a global knowledge-based society. I will continue fighting for legislation that gives all students a fair shot at achieving the American Dream.”   Senator Booker argues that he will fight for legislation but where is he with assistance to NACBA ( national association of consumer bankruptcy attorneys).  Senator Mendez is silent as well. Neither Senator Booker or Senator Mendez mentioned their position with the Bipartisian Studen loan Certainty Act of 2013.

Bipartisan Student Loan Certainty Act of 2013

Students who take out new undergraduate loans for the 2013-2014 school year will pay a rate of 3.86 percent. However, this does not assist the millions of young professionals saddled with an average of $30,000 in student loan debt who took out loans earlier than 2013 and are paying sky-high interest rates, some 14 percent interest and higher. Under the Bipartisan Student Loan Certainty Act, students taking out new undergraduate loans pay a rate of 3.86 percent, students taking out new graduate loans pay a rate of 5.41 percent, and PLUS loan holders pay 6.41 percent.

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