Political Quotes

“I rise in strong support of the Bank on Student Emergency Loan Refinancing Act. I urge my colleagues to work with us to brighten our Nation's future by turning the tide against the student loan debt burden that threatens to hold back this generation of Americans. Since 2003, student loan debt has quadrupled. It has surpassed credit card debt, and it is only second to mortgage debt for American households. We know that borrowers are struggling with this debt. Delinquency rates are substantially higher for student loans than for other types of debt. Default rate have risen. The Federal Reserve Bank, the National Association of Realtors, the Consumer Financial Protection Bureau, the Pew Research Center, and others have begun to sound the alarm about the broader impacts of student loan debt on our economy. Home ownership among young people has fallen. Young households with student loan debt have accumulated seven times less wealth than their debt-free peers. The interest rate on undergraduate student loans was 3.86 percent this year, yet many borrowers are locked into loans at 6.8 percent with no way to refinance. The Government Accountability Office estimated the Federal Government would earn an estimated $66 billion from student loans originated between 2007 and 2012.…”