Political Quotes

“Mr. President, I wish to discuss the Bank on Students Emergency Loan Refinancing Act (S. 2432). Student loans in this country are at an unprecedented $1.2 trillion and now exceed credit card debt as the largest consumer debt market after mortgages. Unfortunately, unlike mortgages, student borrowers are unable to take advantage of the low interest rate environment and many borrowers are stuck in high fixed-rate loans for 20 or more years. This means that these borrowers must delay, or put off permanently, other financial decisions such as buying a home, saving for retirement, or starting a small business. This is not just a ``young American'' issue--recent data shows that individuals of every demographic have increasing student debt burden, and the impact of those with student debt being unable to fully participate in the economy will affect all Americans for years to come. This issue is particularly important to me, as South Dakota has the highest proportion in the country of residents with student loan debt. That is why I have signed on to co-sponsor Senator Warren's bill to refinance student loans, and why, as chairman of the Banking Committee, which has jurisdiction over student loans made by private lenders, I will work to consider all actions that can be taken to address both existing and future student debt. ____________________”