Elizabeth Warren joins Durbin, Reed in plan to lower student loan debt [View all]
Sen. Elizabeth Warren joins Dick Durbin, Jack Reed in plan to lower student loan debt
Massachusetts U.S. Sen. Elizabeth Warren has joined two other Senate Democrats in a legislative campaign to lower student loan debt.
Warren, Assistant Majority Leader Dick Durbin of Illinois and senior Banking Committee member Jack Reed of Rhode Island announced Thursday that they are co-sponsoring three pieces of legislation reforming the student loan system.
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Warren, although only a freshman senator, was an expert in bankruptcy law as a professor at Harvard Law School. Warren co-sponsored Durbin's bill that would allow individuals who declare bankruptcy to get relief from their student loans. The status of student loans in bankruptcy has changed over the years, but currently it is difficult for a person to discharge his student loans due to bankruptcy.
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Warren said changes are necessary because of "how badly broken" the current system is. "Our kids are getting crushed by student loan debt," Warren said. "The price (of college) is going up, kids take on more debt, and everyone is in trouble."
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