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In a September 4 conference call sponsored by Generation Progress, Senator Warren, who seemed to acknowledge the bill’s controversial features, said, “I’m never going to get this politician thing right, but we want to pass a law that will cover everybody, a law that would enable people to re-finance Federal Parent PLUS loans and private loans, too,” including those made by Sallie Mae — now Navient — and those from bank and non-bank lenders that charge rates which can run into double digits.
The Warren-Reed bill would establish, through the Department of Education (ED), a refinancing program for the unpaid principal, interest and late charges on qualified borrowers of William D. Ford Federal Direct Loans and Direct Consolidation Loans that were applied for before July 1, 2013. Qualified borrowers of the Federal Family Education Loans (FFEL) would also be eligible for rate reductions. The FFEL program was ended on June 30, 2010. FFEL loans made before then charge interest that is above current rates. “Homeowners are refinancing. Small businesses are refinancing,” noted Warren. “We just want young people who got an education to have their shot."
Warren’s bill — the Bank on Students Emergency Loan Refinancing Act - was last shot down on June 11, when it failed to get to the Senate floor for an up or down vote. “In the Senate, you have to vote to begin debate on a bill and then vote separately on the actual text of the bill,” said Christina Mulka, spokesperson for Senator Durbin. It failed to get to the Senate floor by a 56 to 38 vote. It needed 60 votes to overcome a Republican filibuster.
Rather than carve out money already earmarked for ED’s budget, the Warren bill calls for the creation of what she says will be a "tax on millionaires and billionaires" to offset the cost of lowering interest rates — something that has engendered no sympathy from the GOP. Warren has said that Democrats were open to alternative plans to pay for the rate reduction, but her colleagues across the aisle have not jumped on that bandwagon. "The Senate Democrats' bill isn't really about students at all. It's really all about Senate Democrats," said Minority Leader Mitch McConnell (R-Ky). "They want an issue to campaign on to save their own hides this November."
The Warren bill has critics on the Left as well. In his blog on Student Loan Lawyer, Joshua Cohen wrote, “Only private student loans in good standing are eligible. All those in default gain no benefit here – those in default are the folks who need it the most.”
Warren Student Loan Refinance Bill on Tap Before Mid-Term Election - Page 2 - MainStreet
Of course. She is a Democrat. They think education should be free.Warren's going to go campaign for democratic candidates with this.
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Thats just tough shit.Senate Republicans Filibuster Elizabeth Warren?s Bill to Refinance Student Loans | Occupy Democrats
Despite President Obamas efforts Monday to use an executive order, and Tuesdays Tumblr Q & A to shine a spotlight on the Senates consideration of Senator Warrens Bank on Students Emergency Loan Refinancing Act, which would provide for the refinancing of certain Federal student loans, the bill was unable to clear the hurdle in the Senate that would allow it to be up for further consideration.
The bill would have allowed millions of borrowers, some with years-old debt and interest rates topping 7% or more, to refinance their existing student loan debt at todays lower interest rates of 3.86%. Unfortunately the vote rang in at 56-38, which despite a majority of Senate approval falls short of the 60 votes necessary for the measure to overcome Republicans filibuster of the measure and proceed to debate.
Its a real shame Republicans are standing in the way of this very important, timely legislation, Senate Majority Leader Harry Reid told reporters after the vote.
40 million Americans have outstanding student loan debt totaling $1.2 trillion, making student loan debt the second-largest form of consumer debt, second only to mortgages. Student-loan debt also grew by $31 billion from January to March, making it the fastest-growing household debt category as well.
If it can help economic recovery or benefit any American, the Republicans are against it.
So Warren is going to Kentucky? She should find this hostile territory.Senate Republicans Filibuster Elizabeth Warren?s Bill to Refinance Student Loans | Occupy Democrats
Despite President Obamas efforts Monday to use an executive order, and Tuesdays Tumblr Q & A to shine a spotlight on the Senates consideration of Senator Warrens Bank on Students Emergency Loan Refinancing Act, which would provide for the refinancing of certain Federal student loans, the bill was unable to clear the hurdle in the Senate that would allow it to be up for further consideration.
The bill would have allowed millions of borrowers, some with years-old debt and interest rates topping 7% or more, to refinance their existing student loan debt at todays lower interest rates of 3.86%. Unfortunately the vote rang in at 56-38, which despite a majority of Senate approval falls short of the 60 votes necessary for the measure to overcome Republicans filibuster of the measure and proceed to debate.
Its a real shame Republicans are standing in the way of this very important, timely legislation, Senate Majority Leader Harry Reid told reporters after the vote.
40 million Americans have outstanding student loan debt totaling $1.2 trillion, making student loan debt the second-largest form of consumer debt, second only to mortgages. Student-loan debt also grew by $31 billion from January to March, making it the fastest-growing household debt category as well.
If it can help economic recovery or benefit any American, the Republicans are against it.
They are so ignorant for doing that, Mitch McConnell is out of his mind.
Elizabeth Warren said she was going to campaign for Alison Lundergan Grimes in Kentucky and everyone should support her in her race whether you live in Kentucky or not.
The rest of WHOM?Well you libs take up a collection and pay them off for them
All the people before them has paid of their loans
now all a sudden it needs to be given special treatment
buy them votes buy them votes
As usual, you're wrong.
No one is saying they should not have to pay off their loans. The bill would have given then the same interest rate as the rest of us. That's it. Nothing more.
Please stop lying.
Just because you didn't bother getting an education doesn't mean others are as lazy as you.
(Yeah, asking Staph not to lie is like asking the wind not to blow. She's full of lies and hot air.)
All these College types going deep in debt getting degrees that don't
do anything to get them employment.
The rest of WHOM?Well you libs take up a collection and pay them off for them
All the people before them has paid of their loans
now all a sudden it needs to be given special treatment
buy them votes buy them votes
As usual, you're wrong.
No one is saying they should not have to pay off their loans. The bill would have given then the same interest rate as the rest of us. That's it. Nothing more.
Please stop lying.
Just because you didn't bother getting an education doesn't mean others are as lazy as you.
(Yeah, asking Staph not to lie is like asking the wind not to blow. She's full of lies and hot air.)
Low interest rates are EARNED by those who use credit responsibly.
Those with lower ratings pay higher interest rates because they present a higher risk of default.
Why should a student be given a free pass to that which others have worked so hard to attain?
We got a pretty good idea during the days of Occupy. Many of the people interviewed who said they had degrees did so in disciplines which are virtually unmarketable in the business world.All these College types going deep in debt getting degrees that don't
do anything to get them employment.
Really?
You know exactly what every "college type's" major is?
I am damned partisan but that's just a dumb thing to say and my bet is its based on your own lack of education.
Its never too late to go back to college.
Well you libs take up a collection and pay them off for them
All the people before them has paid of their loans
now all a sudden it needs to be given special treatment
buy them votes buy them votes
As usual, you're wrong.
No one is saying they should not have to pay off their loans. The bill would have given then the same interest rate as the rest of us. That's it. Nothing more.
Please stop lying.
Just because you didn't bother getting an education doesn't mean others are as lazy as you.
(Yeah, asking Staph not to lie is like asking the wind not to blow. She's full of lies and hot air.)
see if you can get Admin to change your name to "HyperboleKing57"We need Liz Warren for President. Free STUFF!!
Food, housing education are all rights! We get them for free with Liz!!!
Free Liz!!
It happens to be a good idea and would help the economy. Republicans fucked up this oneShe was on Letterman last night talkin' about this...
Warren Student Loan Refinance Bill on Tap Before Mid-Term Election
Sep 15, 2014 — A Senate bill that will allow the refinancing of older, higher interest student loans is set to be reintroduced by Senators Elizabeth Warren (D-Mass.) and Jack Reed (D-R.I.) in a last ditch attempt to get it passed before the midterm elections. Senate Majority Whip Dick Durbin (D-Ill.) said there would be a vote on the bill in September following a June fail.
In a September 4 conference call sponsored by Generation Progress, Senator Warren, who seemed to acknowledge the bill’s controversial features, said, “I’m never going to get this politician thing right, but we want to pass a law that will cover everybody, a law that would enable people to re-finance Federal Parent PLUS loans and private loans, too,” including those made by Sallie Mae — now Navient — and those from bank and non-bank lenders that charge rates which can run into double digits.
The Warren-Reed bill would establish, through the Department of Education (ED), a refinancing program for the unpaid principal, interest and late charges on qualified borrowers of William D. Ford Federal Direct Loans and Direct Consolidation Loans that were applied for before July 1, 2013. Qualified borrowers of the Federal Family Education Loans (FFEL) would also be eligible for rate reductions. The FFEL program was ended on June 30, 2010. FFEL loans made before then charge interest that is above current rates. “Homeowners are refinancing. Small businesses are refinancing,” noted Warren. “We just want young people who got an education to have their shot."
Warren’s bill — the Bank on Students Emergency Loan Refinancing Act - was last shot down on June 11, when it failed to get to the Senate floor for an up or down vote. “In the Senate, you have to vote to begin debate on a bill and then vote separately on the actual text of the bill,” said Christina Mulka, spokesperson for Senator Durbin. It failed to get to the Senate floor by a 56 to 38 vote. It needed 60 votes to overcome a Republican filibuster.
Rather than carve out money already earmarked for ED’s budget, the Warren bill calls for the creation of what she says will be a "tax on millionaires and billionaires" to offset the cost of lowering interest rates — something that has engendered no sympathy from the GOP. Warren has said that Democrats were open to alternative plans to pay for the rate reduction, but her colleagues across the aisle have not jumped on that bandwagon. "The Senate Democrats' bill isn't really about students at all. It's really all about Senate Democrats," said Minority Leader Mitch McConnell (R-Ky). "They want an issue to campaign on to save their own hides this November."
The Warren bill has critics on the Left as well. In his blog on Student Loan Lawyer, Joshua Cohen wrote, “Only private student loans in good standing are eligible. All those in default gain no benefit here – those in default are the folks who need it the most.”
Warren Student Loan Refinance Bill on Tap Before Mid-Term Election - Page 2 - MainStreet
Senate Republicans Filibuster Elizabeth Warren?s Bill to Refinance Student Loans | Occupy Democrats
Despite President Obamas efforts Monday to use an executive order, and Tuesdays Tumblr Q & A to shine a spotlight on the Senates consideration of Senator Warrens Bank on Students Emergency Loan Refinancing Act, which would provide for the refinancing of certain Federal student loans, the bill was unable to clear the hurdle in the Senate that would allow it to be up for further consideration.
The bill would have allowed millions of borrowers, some with years-old debt and interest rates topping 7% or more, to refinance their existing student loan debt at todays lower interest rates of 3.86%. Unfortunately the vote rang in at 56-38, which despite a majority of Senate approval falls short of the 60 votes necessary for the measure to overcome Republicans filibuster of the measure and proceed to debate.
Its a real shame Republicans are standing in the way of this very important, timely legislation, Senate Majority Leader Harry Reid told reporters after the vote.
40 million Americans have outstanding student loan debt totaling $1.2 trillion, making student loan debt the second-largest form of consumer debt, second only to mortgages. Student-loan debt also grew by $31 billion from January to March, making it the fastest-growing household debt category as well.
Why didn't Harry Reid suspend the rules like he has before to get things passed?
If it can help economic recovery or benefit any American, the Republicans are against it.
So what is the cost for a year at Cornell?Interesting that we do not hear granny Warren or any of her democrat cohorts howling about "price gouging" at colleges.
I've been hearing a lot about price gouging. Maybe you should stop getting your "news" from faux, beck, limbaugh, Alex Jones and other liars.
Naw, you wouldn't want to be bogged down with FACTS.