At a trio of events Wednesday, senators touted legislation that would allow student borrowers to refinance their loans to last year's rate for new loans.
"It is a drag on our economy," Warren said. "It's harder for young people to buy homes, to start businesses, and to begin their economic lives."
Warren, flanked by fellow Democrats
Although the number varies depending on how it is measured, most studies find women earn between 15 and
"Young women are working hard to build an economic future for themselves," she said. "Right now, they face an extra tax."
The Banking on Students Emergency Loan Refinancing Act would allow student borrowers to refinance their loans to 3.86 percent interest -- the level matching the level set by
"Young women are hit by a double whammy by ever-increasingly high student debt," Mikulski said. "They deserve a fair shot at higher education they can afford."
Research has showed that, despite the continued value of holding a college degree, the rising costs have weighed increasingly heavily on America's young people.
"Without massive federal aid programs, I doubt we would have so many million dollar university presidents," Vedder testified, arguing the entire student loan program should be dismantled.
Stabenow said Vedder -- and by extension, Republicans -- had the whole thing backwards. Most students don't have the option to ask their parents to pay tens of thousands of dollars a year for tuition, and rely solely on loans and other aid to afford a college education.
"This is a question about values," Warren said. "As a country, do we invest in the millionaires and billionaires who have made it? Or do we invest in the young people?"
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