How can we protect students from the private loan industry?

Today the student loan program is on target to make tens of billions of dollars in profits off the backs of young people who are trying to get an education. That is morally disgusting. The student loan burden in just the last
year has grown by $100 billion. This is a snowball that is
getting bigger and bigger and bigger and the Fed the Consumer Financial
Protection Bureau and the Treasury department have all put out reports
saying basically we’re starting to watch this in the economy. Young people who
don’t move out of their parents homes because they can’t afford to. Young
people who are not buying homes at the time we would expect them to. Young
people who are not starting their own businesses when we would expect them to. Why? Because they are being crushed by student loan debt. So here I am I spent
20 years as a college professor I go off I get elected to the United States
Senate to fight on behalf of working families. I get into the Senate I figure
I’ll tell you there’s one thing I can sure fight for and that is reduce the
interest rate on student loans it was my very first bill. In fact, what I proposed is — because I’ve
taught commercial law and banking and all that stuff for a long time — I
actually know how much the banks pay when they borrow money from the Fed — in other words, your taxpayer dollars — and my proposal was that students pay that same
cozy one-half of one percent that the banks are paying you know because the point is when you
make that money available you’re making an investment and we should be making
that investment in our young people. So here’s the deal: I got pretty far with
the student loan bill far enough that we got all the Democrats on board, we even
picked up a few Republicans. Back then we had a Democratic majority. We almost had enough to break the filibuster on it but not quite. So here’s how I see it going
forward. We’re just going to have to stay in this fight. We have no choice. Part of the fight is going to be over student loans, about getting the interest
rate down on student loans and getting more aggressive on student loan
forgiveness. We need people to get back in this economy. We need to say to people,
young people, if you’ve worked hard for an education we want that to happen. We
support you. This is how we build a future. But the second part is we’ve got
to get down the cost of college. I love our state schools but they need the
support so they can drop tuition costs for our students. That’s where we need to
go. Nobody who’s trying to get an education should be crushed by student
loan debt. That is not who we are. So we’re not there today. We don’t have
the people and you’re exactly right– I can go on about this forever and probably will —
it’s a real problem because right now in Washington they’re heading as fast as
they can in the opposite direction: how do we help privatize more of the student
loan program, how do we let how do we let– I know you’re going to be shocked to hear
this — giant companies make big profits off student loans again, how do we turn
loose more of the for-profit colleges that have defrauded students and ripped
them off. So we’ve got job number one is oversight over what’s going on in
Washington, and to just keep banging on this, but job number two is to change the
student loan interest rate and to get more resources into colleges so that we
can bring down the cost of college. It’s like Kevin tells me, right? Not only
is healthcare an investment in our future, education is an investment in our
future and we’re going to have to be in this fight all the way.

16 thoughts on “How can we protect students from the private loan industry?

  1. Soon as you protect all of us students equifax will dump our identities anyway unless you get us free credit protection and free credit freezes FOR LIFE!

  2. Not only elect her President, but we also have to give her a big majority in Congress. Otherwise the Party of No will fight her at every turn.

  3. Student loans are a big issue but can someone please explain to me the major, and whether or not this person went to a private college to accomplish that level of debt?? I mean consider a public state school at ~$30k a year for 4 years with NO aid from the family or government, which is very unlikely, that puts you at $120k… only half of what this person has.

  4. …yup…How can we protect minority teachers…from douchebags like Warren …stealing their jobs??
    Like she did at Harvard by pretending to be a native American !!
    Lock her nasty ..commie ass up !!!

  5. Young people like myself not buying homes due to student loan debt…and one of the reasons why I quit being a Realtor here in Southern California. An entire demographic delayed or eliminated all together from being potential clients here. Rent going up as well as home prices rising and I keep hearing and reading the next bubble will be burst by something least expected.

  6. You dumbass who the fuck takes out 233,000 dollar student loan dumb beeouchhhh I have zero dollars student debt and 250 large in the bank because I was not stupid enough to get a student loan, work and pay as you go you stupid worthless fucks

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