Going Out Of Our Way To Uniquely Screw People With Student Debt

Elizabeth Warren discusses her new idea to address the student debt crisis.

America is truly an exceptional country. Along with many other Americans of all political stripes, I do believe that. And I am very thankful for all the ways in which the uniqueness and exceptionalism of our nation has benefitted so many of us. Our history as the birthplace of modern democracy means the entire world owes us a debt.

But America is also exceptional in some remarkably bad ways. The power of greedy special interests over our government is as big here as anywhere in the world. One big example: our uniquely messed up way of financing student debt. I don't know of any other country that specifically goes out of their way to screw students and people with student debt the way we do. Big banks can go to the Federal Reserve Discount Window and get practically no interest loans. Every other kind of debtor can refinance and renegotiate their debts. But the law specifically prohibits people with student debt from ever refinancing their loans to a lower interest rate, singling them out as a special class.

Thankfully, some politicians see the immorality of this and are trying to change it. Here is Elizabeth Warren, at a book party co-hosted by the AFL-CIO and my organization American Family Voices, talking about the stupidity of the student debt situation and her plans to change it:

The student debt crisis is a very big deal, and we need to make a major push for change. Join the fight and sign Credo Mobile's petition - "Let's End the Student Debt Crisis!" - here.


About Mike Lux

Mike Lux's picture
Author, The Progressive Revolution: How the Best in America Came to Be

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