Student Loans – Rufus Gifford on Policy

My wonderful husband, who is sitting right there, he paid off his student loans when he was fifty Fifty! Now, we graduate young Americans from college and expect them to buy a house, get married, and start a business

How do you do that when you have in so many cases—and you hear story after story about this around the 3rd district of Massachusetts—how do you do that if you are saddled with six figures or more in debt? You simply cannot do it So the government needs to do two things on student loan debt First of all, we got to do some sort of quick fix I think it was Bopha or Patrick mentioned refinancing This is so obvious

You could be paying a 7 percent interest rate on your student loans and paying a 3 point whatever percent interest rate on your mortgage The banks are ahead of the federal government as it relates to refinancing That is crazy town And I want to sit across the table from a Republican Congressman who’s not going to co-sponsor a bill with me on the first day of the legislative session that’s not going to be able—let young people refinance their student loans Secondarily, I love the service component

It wasn’t that long ago in American history that you could serve the country and actually get free college education Something called the GI Bill that I think a lot of people in this room know exactly what that is We need to increase this service component

We need to think big on this, because we simply cannot saddle our young people with debt the way we are right now