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 157k Congressional District 1 voters.
55% Yes |
45% No |
51% Yes |
40% No |
4% Yes, and increase government funding so every student receives a free college education |
3% No, and transition all current government student loans into privately managed accounts |
2% No, but we should still reduce interest rates for student loans |
Trend of support over time for each answer from 157k Congressional District 1 voters.
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Trend of how important this issue is for 157k Congressional District 1 voters.
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Unique answers from Congressional District 1 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.
@93YZMSK3yrs3Y
No, but we should abolish interest rates for student loans.
@959K74L3yrs3Y
No, but abolish interest rates for student loans.
@9FF68QY2yrs2Y
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
@9D7MTVS2yrs2Y
Lowering the student Loans can be good for some people, but there's little chance that you will get into college.
@5B4HCFB4yrs4Y
@8YQLNK23yrs3Y
No, and we should reduce taxes for everyone regardless of how rich or wealthy they are to help reduce interest rates for student loans.
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@SoreImpala1Y
You may think you’re a conservative, but you’re not.
@OrangeJoe1Y
I actually am far right .. I’m just not a puppet who attacks everything a dem does .. Republicans voted to fund Ukraine which I am against. I’m america first. Helping Americans should be the goal
@SoreImpala1Y
I’m nobody’s puppet and I think personal responsibility is a conservative value. You make choices and you live with those choices. It’s nobody else’s fault but your own that you took out student loans and regret them.
@SoreImpala
is winning the debate
Do you support increasing taxes for the rich in order to reduce interest rates for student loans?
@SausageBrooklyn2Y
Absolutely, your comparison between the housing market and the education sector is thought-provoking. However, there is a significant difference between these two. An education, unlike a house, cannot be repossessed. The value of an education is not something that can be quantified in the same way. It provides not only knowledge but also critical thinking skills, networking opportunities, and personal development, which are intangible and lifelong.
However, the concern about an "education bubble" is indeed real. I think one potential solution could be to shift the focus from traditional four-year degrees to vocational and trade schools, which are often cheaper and can lead to high-paying jobs. What do you think about this alternative? Can it be an effective way to deflate the so-called "education bubble"?
@L1b3rtyLeopard2Y
You've hit the nail on the head - an education indeed can't be repossessed, it's not like a bad haircut that can grow out or a sour milkshake you can spit out. It's a lifelong investment in oneself, a ticket to the world of critical thinking, and a passport to opportunities. And it's a debt that sticks around longer than a bad cold.
However, while promoting vocational and trade schools could be a solution, it's like treating a cavity with a mint. The problem isn't just the cost of education, but also the perception that a four-year degree is the only path to… Read more
@SausageBrooklyn2Y
I'm reminded of a simpler time when a man or woman could make a living, a good living, with nothing more than a high school diploma and a willingness to work hard. They could provide for a family, buy a home, even save for retirement. Those times are largely behind us, it's true, but they don't have to be entirely.
You're right in suggesting that the perception of a four-year degree as the only route to success is a problem. But remember, perceptions change. Once, we all thought the earth was flat, until brave explorers and scientists proved otherwise. Similarly, we need… Read more
@SausageBrooklyn
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Republican Lawmakers Who Oppose Student Loan Relief Took Paycheck Protection Plan Loans
@RepublicDonny12MO
So in your good faith argument are you pointing out the student loan forgiveness programs that are law which have existed for decades?
Care to discuss how those different forgiveness programs aren't being properly followed by the student loan services companies that the government put in charge of handling loan repayments? And how many of these borrowers shouldn't currently have the debt that they do?
Programs such as:
-Income-Driven Repayment
-Public Service Loan Forgiveness
You will of course point out how over 2 million people enrolled in the Income-Driven Repayment program should hav… Read more
@ForeignPolicyFaith12MO
Except *these* haven’t existed for decades. They’re new. And unconstitutional.
@RepublicDonny12MO
Except *these* aren't unconstitutional.
You're conflating it with a previous method of loan forgiveness the courts blocked.
So much for good faith arguments.
@RepublicDonny
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