The numbers don't lie: Americans are being crushed with $1.2 trillion in student loan debt.
That's "trillion" with a T.
That crippling debt load is stopping our young people from beginning their lives. It is making it harder for them to start the next generation of small businesses, to buy their homes, to purchase a car, or to save for their retirements. It's not just harmful to them, but to all of us: we would all benefit from their increased economic activity and growth.
We need to give our students and families a fair shot at the American dream. Right now, under the burden of their student debt, they are simply being crushed. Congress has lowered interest rates for new borrowers, but has yet to act to help students currently holding debt.
I'm proud to be leading the charge in the Senate to pass the Bank on Students Emergency Loan Refinancing Act, which would give current student loan borrowers the ability to refinance their loans just like home or business owners. It's time we gave student borrowers a much-needed break and helped ensure that everyone can receive an education and have a fair shot at building their future, without being crushed with debt.
I'm heartened to see so many of my colleagues in the Senate joining me in support of these much-needed reforms – and I hope you will join us, too.