In March 2019 the U.S. Senate defeated The Bank on Students Emergency Loan Refinancing Act by a vote of 58-38. The act, proposed by Senator Elizabeth Warren (D-MA) would lower the interest rate on existing student loans from 7% to 3.86%. The act would be financed by levying a mandatory income tax of 30% on everyone who earns between $1 Million and $2 Million dollars per year. Proponents argue that current student loan interest rates are nearly double normal interest rates and should be lowered to provide relief for millions of low-income borrowers. Opponents argue that the borrowers agreed to pay the interest rates when they took out the loans and taxing the rich would hurt the economy.
Statistics are shown for this demographic
Response rates from 82.5k American Solidarity voters.
22% Yes |
78% No |
21% Yes |
56% No |
1% Yes, and increase government funding so every student receives a free college education |
21% No, but we should still reduce interest rates for student loans |
1% No, and transition all current government student loans into privately managed accounts |
Trend of support over time for each answer from 82.5k American Solidarity voters.
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Trend of how important this issue is for 82.5k American Solidarity voters.
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Unique answers from American Solidarity voters whose views went beyond the provided options.
@8Z6PT3P3yrs3Y
No, and we should reduce taxes for everyone regardless of how rich or wealthy they are in order to reduce interest rates for student loans too.
@5BCWQY64yrs4Y
No punishing sucess reduces motivation to strive for sucess.
@93YZMSK2yrs2Y
No, but we should abolish interest rates for student loans.
@959K74L2yrs2Y
No, but abolish interest rates for student loans.
@9FF68QY1yr1Y
No because even though they are rich they worked hard for their money and it wouldn't be fair for us to treat them differently just because they are more wealthy
@9D7MTVS1yr1Y
Lowering the student Loans can be good for some people, but there's little chance that you will get into college.
@5B4HCFB4yrs4Y
@5KQSFFD4yrs4Y
The problem is that the cost of colleges has increased so dramatically compared to average income. Regulations should be put in place to bring these closer together. I also think that providing money for early childhood education, arts programs in schools, and after school programs would better benefit society than putting that money towards paying for people to go to college.
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