A bill to allow consumers to refinance their student loans to the rate currently being issued on new federal and private student loans succumbed to a painful death on the Senate floor Wednesday despite being championed by consumer advocates.
The Bank On Students Emergency Loan Refinancing Act, introduced in May by Sen. Elizabeth Warren, will not be moving on, Reuters reports.
“With this vote, we show the American people who we work for in the United States Senate: billionaires or students,” Warren said Wednesday.
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2 comments:
Took almost 20 years, but I paid off 43,000 in student loan debt. Wish I'd been smarter about taking on the debt, applied for more scholarships and only borrowed what I truly needed. In the end I agreed to it and I paid it back with interest. (And the job market for grads in '91 sucked too!)
I did NOT take on a new car payment, buy the top-of-the-line electronics, and vacation in exotic locales. Stop looking to the gov't to fix your poor choices grads!!
Yes we do Ms Warren
And, its not the American taxpayer
but it is for the students that
borrowed too much and now most pay
it back. Just a rerun of the mortgage disaster when people borrowed much more than they could
afford.
Tough Titty!!!!!!!!!!!
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