NEW DSCC AD: Congressman Todd Young Puts Wall Street Ahead of Hoosier Students

V/O: It started with a letter. Then books. Long hours. All for this moment. But for too many Hoosiers, diplomas now come with a lifetime of debt.

THE AVERAGE INDIANA STUDENT OWED $29,222 IN STUDENT LOAN DEBT

2014: The Average Indiana Student Owed $29,222 In Student Loan Debt. According to the Institute for College Access & Success, the Indiana students graduated 4 year universities with an average of $29,222 in debt. [The Institute for College Access & Success, Accessed 9/21/16]

V/O: But Todd Young voted against letting over 600,000 Hoosiers refinance their student loans…

GFX: Todd Young

Voted Against Letting 600,000 Hoosiers Refinance

Vote 298, 6/11/14; U.S. Dept. of Education

YOUNG VOTED AGAINST STUDENT LOAN REFINANCING WHICH WOULD HAVE LET MORE THAN 600,000 HOOSIER STUDENTS REFINANCE THEIR LOANS

Young Voted Against Student Loan Refinancing Legislation. In June 2014, Young voted for a: “Burgess, R-Texas, motion to order the previous question (thus ending debate and the possibility of amendment on) the rule (H Res 616) that would provide for House floor consideration of the fiscal 2015 Agriculture appropriations measure (HR 4800) and for closed consideration of a bill (HR 4453) that would make permanent the reduced recognition period for S corporations built-in gains and another measure (HR 4457) that would give small businesses the ability to deduct up to $500,000 of their equipment costs for a maximum of $2 million worth of property.” A vote for the motion ordering the previous question is a vote to end debate without allowing alternative proposals, while a vote against ordering the previous question is a vote to allow the minority party to offer an alternative proposal. For this vote: “The Previous Question would force a vote on the Bank on Students Emergency Refinancing Act – introduced by Congressmen Tierney and Miller – that would allow millions of borrowers to refinance their existing student loans at lower interest rates, similar to those currently available to new borrowers.” The motion was agreed to 224-194. [CQ, 6/11/14; H.Res.616, Vote 298, 6/11/14; 113^th Congress Previous Questions]

More Than 600,000 Indiana Student Loan Borrowers Would Benefit From Student Loan Refinancing Proposal. According to the Department of Education, 611,000 student loan borrowers would benefit from legislation that let them refinance their student loans at lower rates. [U.S. Department of Education, 2014]

• Legislation Would Save Eligible Borrowers Up To $2,000 Over The Life Of Their Student Loans. “Millions of Americans saddled with high interest on their student loans just lost a chance to have the rate lowered as Senate Republicans shot down on Wednesday legislation that would have let borrowers refinance their debt. But the fight ain’t over. […] Warren failed to get the 60 votes needed to advance the legislation on Wednesday, with a 56-38 vote on the Senate floor. The bill would have let people with federal and private loans issued prior to 2010 refinance at 3.86 percent–the interest rate that Congress set for federal student loans a year ago. The Obama administration estimated that the bill could have helped 25 million borrowers save $2,000 over the lifetime of their loans.” [Washington Post, 6/11/14]

V/O: …to protect tax breaks for millionaires.

GFX: Voted To Protect

Tax Breaks for Millionaires

Vote 298, 6/11/14

YOUNG VOTED AGAINST STUDENT LOAN REFINANCING, WHICH WOULD CUT INTO PROFITS FOR PRIVATE LENDERS & ELIMINATE TAX BREAKS FOR WALL STREET MILLIONAIRES

Young Voted Against Student Loan Refinancing Legislation. In June 2014, Young voted for a: “Burgess, R-Texas, motion to order the previous question (thus ending debate and the possibility of amendment on) the rule (H Res 616) that would provide for House floor consideration of the fiscal 2015 Agriculture appropriations measure (HR 4800) and for closed consideration of a bill (HR 4453) that would make permanent the reduced recognition period for S corporations built-in gains and another measure (HR 4457) that would give small businesses the ability to deduct up to $500,000 of their equipment costs for a maximum of $2 million worth of property.” A vote for the motion ordering the previous question is a vote to end debate without allowing alternative proposals, while a vote against ordering the previous question is a vote to allow the minority party to offer an alternative proposal. For this vote: “The Previous Question would force a vote on the Bank on Students Emergency Refinancing Act – introduced by Congressmen Tierney and Miller – that would allow millions of borrowers to refinance their existing student loans at lower interest rates, similar to those currently available to new borrowers.” The motion was agreed to 224-194. [CQ, 6/11/14; H.Res.616, Vote 298, 6/11/14; 113^th Congress Previous Questions]

• Student Loan Refinance Bill Was Paid For By The Buffet Rule That Would Create A Minimum 30% Tax Rate On Millionaires.” “The Bank on Students Emergency Loan Refinancing Act, would allow more than 25 million people to refinance their student loans to today’s lower interest rates of less than 4 percent. Warren paid for the bill with the ‘Buffet Rule’ — a minimum 30 percent income tax payment from people who earn between $1 million and $2 million. Republicans oppose the bill because it would raise taxes on the wealthy. They also accused Democrats of trying to force political show votes ahead of the November election.” [The Hill, Floor Action, 9/16/14]

• UPI: Buffet Rule Would “Close Loopholes That The Wealthy Exploit. “The tax-lowering loophole and others like it are ‘fundamentally unfair’ and are a ‘result of decades of the tax system being tilted in favor of high-income households at the expense of the middle class,’ the National Economic Council report said. The Buffett Rule would seek to close loopholes so the rich pay at least 30 percent of their income in taxes.” [UPI, 4/10/12]

• Washington Post’s Wonkblog: Student Loan Refi Bill Would Have Let People With “Private Loans Issued Prior To 2010 Refinance At 3.86 Percent.” “Warren failed to get the 60 votes needed to advance the legislation on Wednesday, with a 56-38 vote on the Senate floor. The bill would have let people with federal and private loans issued prior to 2010 refinance at 3.86 percent–the interest rate that Congress set for federal student loans a year ago.” [Washington Post, Wonkblog, 6/11/14]

• The Bill Would Let High-Interest Private Student Loans Refinance To Lower Rates, Which Would Cut Into Profits Of Private Lenders. “Why go through all the trouble to shore up opposition for such a simple bill? As it turns out, Sallie Mae had a lot riding on Wednesday’s vote. Warren’s bill would give those in good standing the option to refinance high-interest private student loans down to the current federal student loan rate of about 3.8%—a move that would save students and recent graduates millions, but also cut into the profits of lenders such as Sallie Mae that often charge higher, fixed interest rates without the option of refinancing.” [AFL-CIO, 6/11/14]

V/O: He even voted to let interest rates double, so Indiana students would pay more.

GFX: Voted to Let Student Loan Interest Rates Double

Vote 151, 3/29/12

V/O: Todd Young. Just another Washington insider fighting for Wall Street, not for Indiana.

GFX: Todd Young

Washington Insider

Fighting for Wall Street

Not for Indiana

YOUNG VOTED TO LET STUDENT LOAN INTEREST RATES DOUBLE FROM 3.4 PERCENT TO 6.8 PERCENT

Young Voted For House Republican Budget For FY 2013. In March 2012, Young voted for: “Adoption of the concurrent resolution that would provide $2.793 trillion in new budget authority for fiscal 2013, not including off-budget accounts. It calls for limiting discretionary appropriations to $1.028 trillion in 2013 and for major cuts in non-defense discretionary and mandatory spending over the next 10 years. It would assume significant future savings by restructuring Medicare into a “premium support” system beginning in 2023, converting Medicaid and the food stamp program into block grants to states, and repealing the 2010 health care overhaul. It calls for an overhaul of the tax code, under which the alternative minimum tax would be repealed, the six current individual income tax brackets would be consolidated into two, tax credits and deductions would be eliminated or curtailed, and the corporate tax code modified to reduce the top rate to 25 percent from 35 percent and converted into a “territorial” tax system where U.S. companies would pay tax only on income earned in the United States. It also would direct the Budget Committee to report a bill that would repeal the sequestration of discretionary spending set for January 2013 by the 2011 debt limit law and direct six House committees to find substitute savings from mandatory programs.” The resolution was adopted 228-191. [CQ, 3/29/12; H Con Res 112, Vote 151, 3/29/12]

• The FY2013 Ryan Budget Would Allow Student Loan Interest Rates To Double From 3.4 To 6.8 Percent. “When Representative Paul Ryan released his proposed federal budget for 2013, among the first provisions to attract the attention of critics was its choice not to renew the current interest rate of loans for low-income college students. Democrats quickly seized the issue, publicizing the staggering fact that Americans currently have $1 trillion in student debt and politicizing the loan rates in question: 3.4 percent (the government’s current subsidized interest rate for Stafford loans, which were established in 2007 and will expire in July if not renewed) versus 6.8 percent (the unsubsidized interest rate to which the Ryan budget proposed returning those loans).” [New Republic, 4/27/12]

…WHICH WOULD RESULT IN HOOSIER STUDENTS PAYING AN AVERAGE OF $6,000 MORE

2014: The Average Indiana Student Owed $29,222 In Student Loan Debt. According to the Institute For College Access & Success, the Indiana students graduated 4 year universities with an average of $29,222 in debt. [The Institute For College Access & Success, Accessed 8/16/16]

• A $29,222 Loan Repaid Over 10 Years At A 6.8 Percent Interest Rate Would Result In A Total Cumulative Payment Of $40,354.41. According to FinAid.org, a loan balance of $29,222 repaid over 10 years at a 6.8 percent interest rate would result in a total cumulative payment of $40,354.41. [FinAid.org, Loan Calculator, Accessed 9/19/16]

• A $29,222 Loan Repaid Over 10 Years At A 3.4 Percent Interest Rate Would Result In A Total Cumulative Payment Of $34,511.63. According to FinAid.org, a loan balance of $29,222 repaid over 10 years at a 3.4 percent interest rate would result in a total cumulative payment of $ 34,511.63. [FinAid.org, Loan Calculator, Accessed 9/19/16]

[The Institute for College Access & Success, Accessed 9/21/16; FinAid.org, Loan Calculator, Accessed 9/21/16]

YOUNG VOTED AGAINST STUDENT LOAN REFINANCING, WHICH WOULD CUT INTO PROFITS FOR PRIVATE LENDERS & ELIMINATE TAX BREAKS FOR WALL STREET MILLIONAIRES

Young Voted Against Student Loan Refinancing Legislation. In June 2014, Young voted for a: “Burgess, R-Texas, motion to order the previous question (thus ending debate and the possibility of amendment on) the rule (H Res 616) that would provide for House floor consideration of the fiscal 2015 Agriculture appropriations measure (HR 4800) and for closed consideration of a bill (HR 4453) that would make permanent the reduced recognition period for S corporations built-in gains and another measure (HR 4457) that would give small businesses the ability to deduct up to $500,000 of their equipment costs for a maximum of $2 million worth of property.” A vote for the motion ordering the previous question is a vote to end debate without allowing alternative proposals, while a vote against ordering the previous question is a vote to allow the minority party to offer an alternative proposal. For this vote: “The Previous Question would force a vote on the Bank on Students Emergency Refinancing Act – introduced by Congressmen Tierney and Miller – that would allow millions of borrowers to refinance their existing student loans at lower interest rates, similar to those currently available to new borrowers.” The motion was agreed to 224-194. [CQ, 6/11/14; H.Res.616, Vote 298, 6/11/14; 113^th Congress Previous Questions]

• Student Loan Refinance Bill Was Paid For By The Buffet Rule That Would Create A Minimum 30% Tax Rate On Millionaires.” “The Bank on Students Emergency Loan Refinancing Act, would allow more than 25 million people to refinance their student loans to today’s lower interest rates of less than 4 percent. Warren paid for the bill with the ‘Buffet Rule’ — a minimum 30 percent income tax payment from people who earn between $1 million and $2 million. Republicans oppose the bill because it would raise taxes on the wealthy. They also accused Democrats of trying to force political show votes ahead of the November election.” [The Hill, Floor Action, 9/16/14]

• UPI: Buffet Rule Would “Close Loopholes That The Wealthy Exploit. “The tax-lowering loophole and others like it are ‘fundamentally unfair’ and are a ‘result of decades of the tax system being tilted in favor of high-income households at the expense of the middle class,’ the National Economic Council report said. The Buffett Rule would seek to close loopholes so the rich pay at least 30 percent of their income in taxes.” [UPI, 4/10/12]

• Washington Post’s Wonkblog: Student Loan Refi Bill Would Have Let People With “Private Loans Issued Prior To 2010 Refinance At 3.86 Percent.” “Warren failed to get the 60 votes needed to advance the legislation on Wednesday, with a 56-38 vote on the Senate floor. The bill would have let people with federal and private loans issued prior to 2010 refinance at 3.86 percent–the interest rate that Congress set for federal student loans a year ago.” [Washington Post, Wonkblog, 6/11/14]

• The Bill Would Let High-Interest Private Student Loans Refinance To Lower Rates, Which Would Cut Into Profits Of Private Lenders. “Why go through all the trouble to shore up opposition for such a simple bill? As it turns out, Sallie Mae had a lot riding on Wednesday’s vote. Warren’s bill would give those in good standing the option to refinance high-interest private student loans down to the current federal student loan rate of about 3.8%—a move that would save students and recent graduates millions, but also cut into the profits of lenders such as Sallie Mae that often charge higher, fixed interest rates without the option of refinancing.” [AFL-CIO, 6/11/14]

V/O: DSCC is responsible for the content of this advertising.

GFX: PAID FOR BY DSCC, WWW.DSCC.ORG, AND NOT AUTHORIZED BY ANY CANDIDATE OR CANDIDATE’S COMMITTEE. DSCC IS RESPONSIBLE FOR THE CONTENT OF THIS ADVERTISING.