[Congressional Record Volume 163, Number 85 (Wednesday, May 17, 2017)]
[Senate]
[Page S3015]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Ms. WARREN (for herself, Mr. Schumer, Mrs. Murray, Ms. 
        Baldwin, Mr. Bennet, Mr. Blumenthal, Mr. Booker, Mr. Brown, Mr. 
        Cardin, Mr. Casey, Ms. Duckworth, Mr. Durbin, Mr. Franken, Mrs. 
        Gillibrand, Ms. Harris, Ms. Hassan, Mr. Heinrich, Ms. Heitkamp, 
        Ms. Hirono, Ms. Klobuchar, Mr. Leahy, Mr. Manchin, Mr. Markey, 
        Mr. Menendez, Mr. Merkley, Mr. Murphy, Mr. Peters, Mr. Reed, 
        Mr. Sanders, Mrs. Shaheen, Ms. Stabenow, Mr. Udall, Mr. Van 
        Hollen, Mr. Whitehouse, Mr. Wyden, Ms. Cortez Masto, and Mrs. 
        McCaskill):
  S. 1162. A bill to amend the Higher Education Act of 1965 to provide 
for the refinancing of certain Federal student loans, and for other 
purposes; to the Committee on Finance.
  Ms. WARREN. Mr. President, I rise today to announce the 
reintroduction of the Bank on Students Emergency Loan Refinancing Act 
of 2017. This legislation would allow student loan borrowers to take 
advantage of lower interest rates, and I urge both my Senate colleagues 
and the Trump administration to support it. In a few short months, 
millions more college graduates will be hit with their first student 
loan bills.
  Already, more than 44 million Americans have student loans, and many 
are struggling to pay loans that are running at interest rates of 6 
percent, 8 percent, 10 percent and even more. It is time for real 
action to help struggling borrowers. That is why, today, I join 36 of 
my Democratic colleagues in the Senate and 98 of my Democratic 
colleagues in the House of Representatives to reintroduce our plan to 
allow borrowers to lower their monthly payment by refinancing their 
existing loans to today's lower interest rates, 3.76 percent for 
undergrads, a little higher for graduate students.
  Supporting America's students should not be a political food fight. 
In fact, President Trump talked about student loans when he was on the 
campaign trial, including a plan to reduce the maximum number of years 
for repayment for most students.
  As a candidate, Donald Trump said that ``students should not be asked 
to pay more on the debt than they can afford.'' I agree with that, 
which is why Congress should allow students to lower their monthly 
payments by refinancing to today's lower interest rates. Donald Trump 
also said that ``student loan debt should not be an albatross around 
student's necks for the rest of their lives.''
  I agree with that too. The legislation I am introducing today would 
lower the outstanding balance for millions of Americans, allowing them 
to get out from under their student loans faster. Here is one more. 
Donald Trump said that it is ``terrible that one of the only profit 
centers we have is student loans.'' He also said that ``it is not fair 
and that should not take place.''
  Unfortunately, right now, that is exactly what is happening. 
According to a recent analysis of Congressional Budget Office data by 
the Institute for College Access and Success, after all the costs are 
accounted for, the Federal Government is now on track to make $81 
billion off student loans over the next 10 years.
  That is obscene. The Federal Government should not be making a profit 
off the backs of our students, period. Yes, Candidate Trump talked a 
lot about this problem, but talk is cheap, and President Trump has not 
done a thing to fix the problem. In fact, he seems to have lost all 
interest in students and their student loans. Since his election in 
November, he has not even mentioned his campaign promises about student 
loans.
  Instead, he and Education Secretary DeVos have gone in the opposite 
direction, using their short time in office to deliver one blow after 
another to hard-working Americans who are struggling with student debt. 
Back when he was running for President, Donald Trump made a lot of 
promises, but empty promises don't help the students who have been 
punched in the gut by Secretary DeVos's decision to roll back critical 
consumer protections for borrowers.
  Hollow campaign pledges do not help the students, the veterans, the 
members of our Armed Forces when they are hurt by student loan 
companies, like Navient, that break the law and brazenly announce to 
the world that they don't think they have a responsibility to act in 
the best interests of students.
  Rally speeches don't mean much when this administration is ripping up 
policies that would have made it harder for greedy student loan 
companies to rake in lucrative government contracts while cheating 
students. Last year's rhetoric means nothing to the struggling 
borrowers who can now be charged sky-high fees--as high as 16 percent--
by student loan collection companies thanks to yet another policy Betsy 
DeVos ripped up.
  Students know what is going on. The loan companies know too. Industry 
stocks have skyrocketed since November. Mr. President, keep your 
promise and start by supporting this refinancing bill.
  For nearly 4 years, Republicans have filibustered this bill and 
refused to even debate it, despite its overwhelming public support. 
Meanwhile, congressional Republicans have offered nothing--nothing--to 
seriously address the problems of student loan borrowers. Those 
problems keep getting worse. Today's students are wrestling with $1.4 
trillion in student loan debt, and every year the student loan debt 
increases by nearly $100 billion.
  Interest rates are scheduled to jump up again later this summer, 
meaning the urgency for Congress to act and allow borrowers to access 
today's rates is stronger than ever. The Bank on Students Emergency 
Loan Refinancing Act would give millions of borrowers across this 
country a chance to save hundreds and in some cases thousands of 
dollars a year. That is real money, money they can put toward paying 
down the balance on their debt, money they can use to save for a home, 
money they can spend on buying a car, money they can put toward 
building a solid future.
  By refusing to act and ignoring this debt crisis, Republicans 
threaten to bury the hopes of an entire generation. It is time for 
Congress to step up and fix this problem. It is also time for the 
President to step up as well.
  President Trump, you campaigned on the idea that the Federal 
Government should not be making a profit off the backs of hard-working 
students. So support this legislation. Put it in your annual budget, 
this proposal. Call on Members of your own party who have held up this 
bill to get on board. Demand action to refinance student loan debt, and 
keep the promises you made to America's young people.
  Thank you, Mr. President.
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