Last May we reported when Senator Warren first proposed the Bank on Students Emergency Loan Refinancing Act.? Though the bill garnered support of over half the Senate, it never made it to a vote because of a filibuster.? Today Warren published an Op-Ed to drum up support for the reintroduction on her bill to help people lower their federal rates of interest.
There is plenty to love about this bill and much to hate…
We Love: that Warren wont let this issue die.
Senator Warren has received plenty of criticism from the left and also the right regarding her actions on student loans.? The majority of the republicans in Congress seem content with a student loan status quo, even though many on the left see her ideas as band-aids on the gaping wound.? Despite this criticism, she has continued her march towards education loan reform.? So far it doesn’t appear to have earned her much political capital, so this persistence in the face of limited success is particularly commendable.
We Hate: this bill is accurate arrival.
Though the proposal seems very reasonable, and it is ripe for political theater, it has absolutely no way of passing.? The problem is that the balance is funded by passing into law the “Buffett Rule“.? The Buffett Rule is actually a minimum tax around the super wealthy so that people like Warren Buffett don’t pay a lower tax rate than their secretaries.
The trouble with funding the balance this way is that it will never make it through home of Representatives.? You can blame the home Republicans for being unreasonable or Warren for ignoring the realities of the situation, but after your day, the balance is destined to fail.
We Love: the bill addresses the student loan profits for the government.
The authorities makes millions on student loans.? There is plenty of debate regarding the exact figure, but there’s no question that the education loan lending branch of the Department of Education is generating money for The government.
Plenty of people feel that the government (funded by taxpayers) shouldn’t be responsible for people obtaining a higher education.? Regardless of how you feel about this debate, it certainly doesn’t seem right that the government ought to be profiting off its citizens who’re attempting to further themselves.
Any bill that will get a student loan lending ledger nearer to even is a step in the best direction.
We Hate: the balance doesn’t do much for the student loan crisis.
Many Americans are getting crushed by student education loans.? Though this bill is useful for many, it does nothing for anyone who are the worst off.
If you have a decent job and therefore are keeping up on your federal loans but would have a slightly lower interest rate, the bill is ideal for you.
If your credit continues to be destroyed because you can’t pay has given and also the interest continues to grow every month, this bill does nothing for you personally.
In to champion the student loan cause, Warren could accomplish probably the most good by helping those out who require it most.? For now, her efforts seem political posturing/pandering.