Student loan bill deserves public support
Sen. Elizabeth Warren, after only four months in office, has tackled the student loan program as her first proposed legislation.
This program is rightly designed to help youths acquire a college education, a very expensive endeavor; in most cases beyond the reach of most middle-class parents.
Currently, the student loan program operates at a 3.4 percent interest rate. At this rate, the government's getting approximately 36 cents return for each dollar loaned. On July 1, this rate will double to 6.8 percent. Consequently, most students graduate with a huge debt that will shortly double.
Warren highlighted that major banks receive billions of dollars in loans from the Federal Reserve at less than 1 percent. She proposed changing the student loan program to receive at least the same rate we offer to big banks. Warren asked, "Does our government really need to make a profit from our children trying to better themselves with a college education?"
We must do what's right to help our young people by giving them the same opportunity as banks that are "too big to fail."
If you agree with Sen. Warren's proposal, contact Senators Dianne Feinstein and Barbara Boxer without delay. Tell them you support Warren's bill.
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