Political Quotes

“Mr. President, I rise today to urge my colleagues to support the Bank on Students Emergency Loan Refinancing Act, which is currently pending before the Senate. This legislation would reduce student loan debt for millions of Americans and provide relief for those who are struggling to keep up with their payments. Student loan debt is exploding, and it threatens the stability of our young people and the future of our economy. The debt now totals $1.2 trillion and it is growing bigger every single day. In 8 years the average student loan balance increased by 70 percent, and now 7 out of every 10 college seniors are dealing with student loan debt. This debt is crushing our young people and dragging down our economy by keeping borrowers from being able to buy homes, cars, and open small businesses. It is keeping them from making the purchases that get their economic lives started and help our economy grow. We must act now to provide relief for existing borrowers, and the Bank on Students Emergency Loan Refinancing Act will do exactly that. The legislation is straightforward. It allows existing borrowers to reduce their debt by refinancing their high-interest loans to much lower--and much more manageable--levels. Depending on when they took out their student loans, millions of Americans are stuck in loans at 6 percent, 8 percent, 10 percent, and even higher.…”