Elizabeth Warren on Student Loans

I got this email from Elizabeth Warren:

Elizabeth Warren for Massachusetts

Steven —

We won’t win every fight — at least, not the first time out.

This week, the Senate passed a student loans bill that asks tomorrow’s students to pay drastically higher interest rates to finance lower rates today.

The vote may be over, but our fight to make college more affordable — and the fight for a better deal for our students — is just getting started.

In May, I introduced the Bank on Students Loan Fairness Act to give students the same low interest rates that the big banks get. If those 0.75% rate is good enough for the big banks, it’s good enough for our kids who are trying to get an education. And as long as the government continues to make hundreds of billions in profits off our students, I’ll keep fighting.

In the long term, we need to do three things:

  • First, we must eliminate government profits from student loan programs — period.
  • Second, we must refinance existing student debt to reduce the profits that are crushing our young people and dragging down our economy.
  • And third, we must reduce college costs so that American families can send their kids to school without mortgaging their futures and burying themselves in debt.

I’m in this fight for the long haul, and I’ll keep working to attack these problems head-on and find solutions that will provide a real shot at an education for all of our students.

Thank you for being a part of this — for the long haul,


To put it in my own words, whereas the government ought to be subsidizing higher education, instead it is actually exacting a profit from it. So the government is doing the opposite of what it ought to be doing. Cutting the government’s profit only makes it a little less bad.

Oh yes, the Democrats want to subsidize education and the Republicans want to make a profit from it. So what does the bipartisan compromise look like? The government makes more profit from the compromise than it would have with no bill at all. Seems like a nice even, bipartisan split. See what good things happen when the two sides get together and come to an agreement?

If we are going to compete in international markets by the level of education of our workforce, then we shouldn’t be charging people to get that education when our competitors are subsidizing the education of their students. And we wonder why we are falling behind?

It’s not like we can’t afford to subsidize higher education. We can’t afford not to.

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