Dear MoveOn member,
Student loan debt is crushing young people. Total debt is now $1.2 trillion, more than all outstanding credit card debt in America. The overwhelming burden of student debt keeps young people from buying homes, buying cars, starting small businesses, saving for retirement, and making purchases that strengthen our economy.
Last year, Republicans and Democrats came together to lower the interest rates on new undergraduate loans to 3.8%. But nothing was done for the millions of people who have older student loans at 6%, 8%, 10%, and even higher interest rates. They were just stuck paying—and paying and paying.
My bill, the Bank on Students Emergency Loan Refinancing Act, lets people refinance older student loans down to those lower interest rates that new students receive.
It would put hundreds, even thousands, of dollars back into the pockets of people struggling with their student loan debt.
The Senate could vote on this as early as Wednesday. The sooner we pass this bill, the sooner people will get a little bit of relief. Please, add your name today.
–Senator Elizabeth Warren
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