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NEW: Senator Warren Receiving Support for Bank On Students Act

Thursday, May 23, 2013

 

Since introducing the Bank on Students Loan Fairness Act to prevent student loan interest rates from doubling on July 1st, Senator Warren has received an outpouring of support from students and their families, colleges and universities, and independent groups. Through letters of support, official endorsements and petitions, organizations and institutions of higher education have stepped forward to join Senator Warren and Congressman John Tierney, who introduced a corresponding bill in the House, in standing with students to ease the economic strain caused by student loan debt.

Senator Warren and Congressman Tierney also have met with students, professors, college administrators, higher education policy-makers and their colleagues in Congress to talk about the moral obligation of investing in students and providing them with the same cheap access to credit that we provide big banks. Senators Mark Begich (D-AK), Barbara Boxer (D-CA), Mary L. Landrieu (D-LA), Claire McCaskill (D-MO), Jeff Merkley (D-OR) and John D. Rockefeller, IV (D-WV) have signed onto the bill as co-sponsors, recognizing the need to address the risk that student debt poses to household spending, middle class economic stability, and the still fragile recovery.

Senator Warren is also a co-sponsor of the Student Loan Affordability Act, introduced by Senator Jack Reed (D-RI), which would extend existing interest rates on subsidized Stafford loans for two years.

Student loan interest rates are set to jump from 3.4 to 6.8 percent, while banks can borrow from the Federal Reserve’s discount window at a rate of approximately 0.75 percent. The Bank on Students Loan Fairness Act would allow students to borrow funds at the same low rate that banks borrow from the Federal Reserve for a year, providing a window for Congress to find a fair, long term solution on student loan interest rates.

The current list of endorsers is below. Please click here for the most up-to-date list.

Colleges and Universities in Massachusetts include Babson College, Bentley University, Brandeis University, Boston College, Dean College, Emerson College, Emmanuel College, Hampshire College, Lasell College, Marian Court College, New England Conservatory, Nichols College, Northeastern University, Simmons College, Wheaton College, Williams College, and Worcester Polytechnic Institute.

Other organizations include American Federation of Teachers, Association of Independent Colleges and Universities in Massachusetts (AICUM), representing over sixty colleges and universities in Massachusetts, Campaign for America's Future (33,327 petition signatures), Credo (83,656 petition signatures), Democracy for America (106,512 petition signatures), Move On (430,176 petition signatures), National Organization for Women, National Youth Association, Progressive Change Campaign Committee (438,369 petition signatures), Rebuild the Dream, Student Debt Crisis, United States Student Association, and Young Invincibles.
 

 

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