The government will make $51 billion in profit off of federal student loans this year.
That’s five times the money Google made in profit in 2012. In fact, it’s more than any Fortune 500 company made last year.
It’s obscene. Our government should help students who are trying to get an education, not figure out ways to squeeze more money out of them.
This week, the Senate will be voting one more time on a bill to freeze the interest rate on new Stafford student loans at 3.4% while Congress works out a long-term student debt solution. A majority of senators support the bill, but so far, the Senate Republicans have blocked an up-or-down vote.
I have been speaking out on this issue, and I’m writing today to ask you to join me. Tell the Senate to stop playing politics with our kids’ futures and to give the student loan bill an up-or-down vote.
Students owe more than $1 trillion in student loan debt – more than all the credit card debt in the entire country.
But they didn’t go on a shopping spree at the mall — they did exactly what we told them to do. They worked hard, they played by the rules, and they got an education.
Too many of those kids must delay buying a home because they can’t save for a down payment. They delay starting a small business because they can’t get a loan. They delay putting anything away for their retirement because their exploding student loan debt is making it impossible for them to save. They delay their start on life — and all the while, the government rakes in more and more profits.
I was ashamed when the interest rate on student loans doubled last week. Not just as a United States Senator, but as a teacher, a mother, and a grandmother. We should do better for our students.
Students don’t have an army of lobbyists demanding a better deal. They don’t have millions of dollars for a splashy public relations campaign to shame our elected officials and to get the media’s attention.
It’s going to take all of us working together — people all across the country saying, “We can’t do this to our kids.” And that starts with you, right now.
Thank you, and keep fighting!