Democrats Prepare to Woo College Students With Student Loan Program
Democratic politics 101:
Step 1. Create a problem.
Step 2. Offer a solution to the problem you created.
Peter Schroeder of The Hill reports.
Dems ready student loan push
Senate Democrats are preparing a June offensive on student loans meant to bolster the party’s 2014 election message.
Democrats will push for a vote on legislation to allow people to refinance student loan debt at a lower rate.
“Does Congress work for the rich and the powerful, for those that can hire armies of lobbyists and lawyers?” asked Sen. Elizabeth Warren (D-Mass.), who is leading the effort for Democrats. “Or does Congress work for the rest of America?”
The effort is part of of a broader messaging battle meant to portray Republicans as out of touch with the middle class. It goes part and parcel with the Democratic push to raise the minimum wage.
It also comes as Democrats seek ways to bolster turnout among their core supporters for the midterm elections, when an older and whiter electorate generally shows up to vote.
The new bill would allow borrowers to refinance their existing loans at at the rate of 3.86 percent. That’s the current rate for new loans under legislation Congress passed last year.
The bill would cover the costs of those refinancings by enacting the “Buffett Rule,” a Democratic policy prescription that would ensure the wealthy pay some minimum amount of tax.
The push to increase taxes on the wealthy has long been a non-starter with Republicans, but Sen. Charles Schumer (D-N.Y.) said Democrats were willing to deal on the offset.
“We’re open. We welcome suggestions on how they would pay for it,” he said.
Comments
Maybe those dems should give money out of their own pockets to finance college for students needing loans. Making promises to students with other people’s money when they don’t pony up their own means that it is just about votes.
Actually, if Democrats really cared about students (hah!), the best thing they could do would be to substantially REDUCE the amount students can borrow.
College tuitions have risen wildly for one reason: the feds give out huge chunks of money which saddles students with lifetime debts but allows colleges to spend lavishly on programs, buildings etc. that have nothing to do with learning.
Lower the max loan to $10K a year and many schools charging 40-50K will immediately drop tuition to 20K or else the schools will have nothing but empty classes.