Student Debt Crisis’ statement on ‘In The Red’ campaign

Today, a number of Senators, including Elizabeth Warren (D-MA), Charles Schumer (D-NY), Patty Murray (D-WA), Jack Reed (D-RI), Brian Schatz (D-HI),Tammy Baldwin (D-WI) and Mazie K. Hirono (D-HI), unveiled a new student debt initiative called “Students #InTheRed.”  This new proposal addresses three specific topics: 1) Student Loan Refinancing; 2) Free Community College; and 3) Increasing Pell Grants.

Senator Patty Murray said that these reforms are needed to help grow the economy from the middle-out, not the top-down, while Senator Elizabeth Warren said that such reforms are about “basic fairness.”

“We at StudentDebtCrisis.org applaud these Senators for their courage in speaking out about the perils of $1.3 Trillion in crippling outstanding student loan debt- one of the largest categories of consumer debt, second only to mortgages. It has always been the policy of StudentDebtCrisis.org to support an “all of the above” approach to dealing with student loan debt. Although access to free community college and increased access to Pell Grants are goals that we fully support, we believe that it is imperative to focus much of our attention on the “first injured party” – the 42 million Americans saddled with outrageous student loan debt.” – Executive Director Natalia Abrams

We fully agree with Senator Tammy Baldwin’s declaration that “higher education should be a path to prosperity and not suffocating debt,”  which is why StudentDebtCrisis.org’s long-term goals have always included debt-free higher education as well as student loan forgiveness.

To paraphrase Senator Warren at today’s event, because of these debts, student loan borrowers are unable to buy a house or car, start a small business, or otherwise contribute meaningfully in the new 21st Century economy.

There is no doubt that student loan debt is holding back an entire generation from realizing their dreams and, as such, we at StudentDebtCrisis.org support initiatives such as “Students #InTheRed” because of their potential to at least begin to chip away at the ever-growing student debt crisis.


 

With over 1.2 million signatures calling to forgive student loan debt, Student Debt Crisis is deeply committed to reforming the way we pay for higher education in America.

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