Sen. Warren Introduces Student Loan Refinancing Act

Home | Our Blog | Senator Warren Introduces the Bank on Students Emergency Loan Refinancing Act

June 13, 2014 | By RGR Marketing Blog

College: A Sure Path to the American Dream?

Most young Americans who choose to pursue college educations do so with the belief that having a degree will open the doors of opportunity, providing an entry point into their chosen career paths, and bolstering their lifelong earning potential. And for many, that promise still holds true.

But for others, higher education comes at a burdensome cost: a lifetime of debt. This is especially true for those who earn degrees related to their chosen fields, only to find that career prospects in those fields are not as rosy as they may have previously been led to believe.

Higher Education Provides No Guarantees

Many of us know someone who has a degree in architecture, but works in mobile phone sales. Or perhaps you’ve met a server in a restaurant who holds a degree in psychology. These folks aren’t alone; recent studies have suggested that a mere 27% of college graduates work in fields strictly related to their degrees.

Of course, that’s not necessarily a bad thing, so long as they find themselves in rewarding careers that offer adequate pay. But for those who are unable to find work commensurate with their education levels (and student loan payments), the debt incurred by attending college can be crippling.

The Burden of Student Debt

Student debt can make it difficult to make ends meet, but that’s not all. It can also damage your credit rating, which can cost you a mint in additional interest on credit cards and mortgage payments, and may even hurt your chances of securing gainful employment. In some states, defaulting on student loan debt can cause you to lose your professional license, or even your legal ability to drive.

A Robin Hood Bill to Ease the Burden of Student Loan Debt

For the many Americans burdened with unmanageable levels of student loan debt, it’s no laughing matter. But a new bill introduced by Senator Elizabeth Warren is poised to make them feel less like the brunt of an unfortunate joke.

The Bank on Students Emergency Loan Refinancing Act would allow those paying interest rates of 7% or more to refinance their debts at the 3.6% interest rate currently offered to undergraduates.

Senator Warren’s bill would not increase the national deficit, as the lost federal revenues would be balanced by enacting the so-called “Buffet Rule,” which stipulates that those who earn in excess $1 million annually pay tax rates at least as high as middle-class earners.

Of course, there are those with deep pockets and lofty connections who would prefer to see this bill scuttled, especially that particular aspect of it. But for those struggling to meet their financial obligations because of ongoing student loan debt, the Bank on Students Emergency Loan Refinancing Act is a glimmer of hope on a foreboding financial horizon, and hopefully, a sign of changing attitudes on Capitol Hill.

Student Loan Debt Consolidation Businesses: Know Your Customers

So what does this mean for you if you’re in the student loan debt consolidation business, actively purchasing student loan debt leads as part of your marketing effort? Essentially, you’re selling a solution to your customers: the value of your sales proposition is that by consolidating student loan debt into one more manageable number, your customers will find that monthly finances are less stressful, the overall amount of monthly bills is often reduced, and there’s typically more money to go around for other expenses, savings, or investment.

In a nutshell, it’s wise to understand the position that your customers are in. Being in debt without much of a shot at a lucrative career in sight can be overwhelming, stressful, and emotional. Parents may be putting newer college grads under tremendous pressure to succeed, or ambitious young thirty-somethings may be wondering when they’re supposed to be hitting their financial windfall after years of education and hard work in the field. This is where you come in, to offer a solution to this stressful situation, through the consolidation of potentially massive student loan debt.

Knowing who you are selling your product to is a significant part of running any successful business, and student loan debt consolidation is no exception.

[Photo Via: Wikimedia Commons]

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College: A Sure Path to the American Dream?

Higher Education Provides No Guarantees

The Burden of Student Debt

A Robin Hood Bill to Ease the Burden of Student Loan Debt

Student Loan Debt Consolidation Businesses: Know Your Customers

Start making more
money today!

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College: A Sure Path to the American Dream?

Higher Education Provides No Guarantees

The Burden of Student Debt

A Robin Hood Bill to Ease the Burden of Student Loan Debt

Student Loan Debt Consolidation Businesses: Know Your Customers

Start making more money today!

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