Block on Trump's Asylum Ban Upheld by Supreme Court
Much respect to Senator Elizabeth Warren, the first-term Congresswoman who beat incumbent Republican Scott Brown for one of Massachusetts’ seats in the Senate. According to the Los Angeles Times, a big reason for her victory was her embrace of the Occupy Wall Street movement and criticism of big banks.
And with her first bill, she may have just won a few more votes.
The Bank on Students Loan Fairness Act, which has a snowball’s chance in hell of passing, would set student loan interest rates (for one year only) at the same rate that banks get when they borrow money from the federal government: 0.75 percent. The interest rate on federal student loans is currently set to double to 6.8 percent this summer.
She isn't the only legislator helping the kids, however. Another similarly-titled bill, the Student Loan Fairness Act, introduced by Rep. Karen Bass, has other brilliant ideas for student loan reform, including:
A lot of these are intriguing for broke, unemployed and underemployed law grads. Rolling private loans into federal consolidation loans is brilliant -- especially since many banks have stopped offering private loan consolidation since the big bank bust of a few years back. Interest-free deferment during unemployment is also a pretty intriguing idea as well.
Though, according to Govtrack.us, the latter bill also has a zero percent chance of passing and a one percent chance of getting past committee, we wouldn't rush to label the two bills empty gestures. They may not accomplish anything directly, but they serve two important purposes: reminding students that they do actually have at least one advocate in our representative system of government and they put pressure on other lawmakers to address the $1,000,000,000 problem.