On the recordJune 11, 2014
I come to the floor disappointed that the Senate did not move to full consideration of the legislation that I know the Presiding Officer and others have worked on to take on the challenge that I believe will be the next great financial crisis our country will face-- student debt. Student debt, which is $1.2 trillion, now exceeds credit card debt, and that has been a PolitiFact out there and now validated. Increasingly, this crushing amount of student debt is slowing economic growth. It is not allowing young workers to go into the marketplace and buy a house or start a business. While I am disappointed that we were not able to move to full consideration of the legislation that would provide a more comprehensive ability for students to refinance at a lower rate, I would point out that there are a number of other tools we can use. I know I am going to be joined in a few moments--our paths may not completely cross here--by Senator Rubio. There are two pieces of legislation around this issue that Senator Rubio and I are working on together, and I want to speak briefly about both of those. The first is legislation we have actually been joined by Senator Wyden on as well called the Know Before You Go Act--a relatively simple concept using data that the U.S. Department of Education already collects.…





