Lucas,
Congress is expected to vote next week to determine our students' financial futures, and I need you to speak up now.
We helped start this effort: I introduced the Federal Student Loan Refinancing Act back in 2013, and your support has grown it into a bill that has the support of Senator Elizabeth Warren and several of my colleagues.
Now that we have Congress' attention, we cannot let up until students get the relief they so desperately need.
The Bank on Students Emergency Loan Refinancing Act will allow student loan borrowers to refinance federal loans at today's going rates, just like we allow business owners and homeowners. This legislation is common sense, and its potential is life-changing for our students.
We need to make Congress hear our message: It is time to do right by our students.
The total outstanding student loan debt is at $1.08 trillion (yes that is trillion, with a "t"!) and even as other key areas of the economy recover, student loan delinquency rates are rising.
Right now, crippling debt deters our educated young people from buying homes and cars or starting businesses and families – the very things that actually feed our economy and build our country's future.
This is not only about our students. Forbes warns that student loan issues may hit our economy harder than the housing crisis. Still recovering, we cannot afford inaction – we have see what happens when warning signs are ignored.
The solution is right in front us, but it will take your voice to make it happen. Please tell Congress to give our young people a chance at affordable education and strengthen our middle class.
Our students cannot wait for a change, and I hope you will not wait, either.
Thank you for joining us.
Kirsten [Gillibrand]