Elizabeth Warren Knows That Students Are As Important As Banks
Our nation’s largest banks can borrow funds from the federal government at 0.75%. If Congress doesn't act, college students eligible for subsidized Stafford loans will pay 6.8 percent (more than nine times the rate big banks get).
Senator Elizabeth Warren thinks this is unfair and has introduced the Bank on Students Loan Fairness Act to provide students with some short-term relief until a long-term solution to rising student loan debt can be reached. Warren’s bill would allow students who are eligible for federally subsidized Stafford loans to borrow at the same rate that banks get from the Federal Reserve when they need a short-term infusion of cash from the central bank’s discount window.
Noting the “serious risk to the recovery” that student debt poses, Warren said that students are just as important to economic growth as big banks. “We shouldn’t be profiting from our students who are drowning in debt while we’re giving great deals to big banks,” Warren said.
I also LOVE Elizabeth Warren's book about personal finance: All Your Worth. Look for me to do a book report on that for y'all soon.
