A Quote by Bernie Sanders
Student debt is crushing the lives of millions of Americans. How does it happen that we can get a home mortgage or purchase a car with interest rates half of that being paid for student loans? We must make higher education affordable for all. We must substantially lower interest rates on student loans. This must be a national priority.
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We must fundamentally restructure our student loan program. It makes no sense that students and their parents are forced to pay interest rates for higher education loans that are much higher than they pay for car loans or housing mortgages.
As president, I will fight to make tuition in public colleges and universities free, as well as substantially lower interest rates on student loans.
Remember that in most cases, student loan debt is not dischargeable in bankruptcy. So you continue to pay it off anyway. Those who have very low interest rates (2-2.5 percent) on student loans and know everything is secure, great.
Debt certainly isn't always a bad thing. A mortgage can help you afford a home. Student loans can be a necessity in getting a good job. Both are investments worth making, and both come with fairly low interest rates.
A consolidation makes sense only if you can lower your overall interest rate. Many people consolidate by taking out a home equity line loan or home equity line of credit (HELOC), refinancing a mortgage, or taking out a personal loan. They then use this cheaper debt to pay off more expensive debt, most frequently credit card loans, but also auto loans, private student loans, or other debt.
In Germany, college tuition is free. In America, college tuition is increasingly unaffordable. In a highly competitive global economy, which country do you think will have the best educated work force and a competitive advantage? We must make tuition free in public colleges and universities and substantially reduce interest rates on student loans.
If you're one of the millions of people who have student debt right now, I'll help you refinance your loans at better rates.
And I want to work with this Congress, to make sure Americans already burdened with student loans can reduce their monthly payments, so that student debt doesn't derail anyone's dreams.
When SoFi launched in 2011, it focused squarely on the burgeoning student loan market - a market that, unlike housing, had no viable option to refinance both federal and private student loans from higher interest-rate eras.
If lenders are forced to scale back student lending because private student loans are subject to bankruptcy discharge, many students will be denied access to higher education.
We need to make college affordable in price, and also have lower-cost student loans and more available grants for students.
If you have credit card debt and credit card companies continue to close down the cards, what are you going to do? What are you going to do if they raise your interest rates to 32 percent? That's five times higher than what your kid is going to pay in interest on a student loan. Get rid of your credit card debt.
Better educating our college students on the risks of high student debt and helping them to find alternatives to taking out student loans would help make the difference to their financial future.
First, pay off your high-interest-rate debt. If you have student loan debt - that's low interest rate; that has a tax benefit - you can leave that out. A mortgage can be an OK one. Credit card debt is poison. That needs to be paid off right away.
The higher amount you put into higher education, at the federal level particularly, the more the price of higher education rises. It's the dog that never catches its tail. You increase student loans, you increase grants, you increase Pell grants, Stafford loans, and what happens? They raise the price.
The problem of dealing with the financial industry is being addressed today. You can measure it with interest rates coming down. You can measure it with the quantity of loans, and that sort of thing. The problem is, that nobody wants to take the loans. Once the banks are willing to give it, that's only half the problem.
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