Last year, you and I fought to lower the interest rate on new
federally subsidized student loans.
During that fight, I also heard from
a lot of young people being crushed by their old student loans. They did
everything we told them to do: They worked hard, got good grades, went to
college and learned new skills -- and now are drowning in debt.
The
numbers prove it. More than a third of borrowers under the age of 30 have been
delinquent on their student loan payments for more than 90 days. Think about
that.
Tying students to a lifetime of financial servitude as a condition
of getting an education? That doesn't reflect our values.
In the
coming weeks, I'll introduce new legislation to allow eligible borrowers with
high interest student loans to refinance at new rates that are at least as low
as those now being offered to new borrowers in the federal student loan program
-- putting real money back into the pockets of young people who worked hard to
get an education.
We know from the last student loan fight that
we have an uphill battle ahead of us -- and I'm going to need your help, and the
help of tens of thousands of people all across the country, to make the case for
why this is so important.
Sign up now to show your support for refinancing
student loans -- and share your own student loan story if you have
one.
The idea is pretty simple. When interest rates are low,
homeowners can refinance their mortgages. Big corporations can swap more
expensive debt for cheaper debt. Even state and local governments have
refinanced their debts.
Letting recent graduates refinance their student
loans puts real money back in the pockets of middle class families. Real money
that will help young people find a little more financial stability as they work
to build their futures. Real money that says America invests in those who work
to get an education.
Real money for people like you, your kids or your
grandkids.
As we introduce this bill in the coming weeks, I'll
need your help to speak out and say why refinancing student loans is important
to you. Sign up now and share your story.
Refinancing
student loans won't fix everything that's broken in the higher education system
-- but for many of our graduates, it is an important step forward.
Thank
you for being a part of this,
Elizabeth
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