Barbara Boxer: “I talked about immigration. I talked about veterans. We have a chance now to deal with the student loan crisis, and it…”

“I talked about immigration. I talked about veterans. We have a chance now to deal with the student loan crisis, and it is a crisis. The student loan debt is $1.2 trillion. That is more than credit card debt. In my home State, the average amount owed by a borrower in 2012 was more than $25,000--a 65-percent increase from 2004. In the same time period, the number of Californians with outstanding student loan debt increased by 60 percent. In addition, in 2012 there were 641,000 Californians over the age of 50 who were still paying down their student loans and more than 6.8 million people over 50 nationwide still paying off their student loans. This is a crisis that must be addressed. It is important to our Nation's economy. It is important to the future of our families, to our children, and our grandchildren. It is time to act. I have to say, Senator Warren has been a tremendous leader. We can take an important step toward addressing this dire situation by passing Senator Warren's Bank on Students Emergency Loan Refinancing Act. It would help millions of Americans refinance their loans at lower interest rates, put more money in their pockets. I have to say, it is kind of a no-brainer. When you have more money in your pocket than you had before, you are going to spend it in your communities. I am so proud to be an original cosponsor of this legislation.…”