A Fighting Chance (65 page)

At that time, the rate for subsidized federal Stafford loans was slated to double to 6.8 percent, which was approximately nine times higher than the rate charged to big banks. Shelby Bremer, “It’s Official: Student Loan Rates Will Double Monday,” ABC News, June 29, 2013.

off the backs of our students:
“The U.S. government is forecast to generate $185 billion in profit over the next decade from students and their families under an overhaul of the federal student loan program endorsed by the White House and approved by the Senate on Wednesday.” Shahien Nasiripour, “Obama’s Student Loan Profit Guaranteed as Senate Approves Deal,”
Huffington Post,
July 24, 2013.

more than a million people:
Jim Puzzanghera, “Elizabeth Warren’s First Grilling of Regulators a YouTube Hit,”
Los Angeles Times
, February 18, 2013.

over the next ten years:
Republican senator Coburn introduced the initial student loan bill for 2013, and the final bill was modeled on the Republican variable-rate proposal, but with two key differences: the original bill had a large markup over the government’s borrowing costs and no cap on interest rates, while the final bill had a smaller markup for most loans and included a cap on the amount students could be charged if interest rates rose. The Congressional Budget Office determined that the Coburn bill would have produced an additional $15.6 billion in extra profits for the government over the next the ten years. See the CBO score of the Coburn bill:
http://www.cbo.gov/sites/default/files/cbofiles/attachments/s682.pdf
. By contrast, the bill that ultimately passed is estimated to produce $0.7 billion in extra profits. See the score for the Bipartisan Student Loan Certainty Act:
http://www.cbo.gov/sites/default/files/cbofiles/attachments/Bipartisan%20Student%20Loan%20Certainty%20Act%20of%202013.pdf
.

The difference between the two bills is nearly $15 billion, which would have been additional profits to the US government but are now staying in the pockets of students. All these profits are, of course, calculated on top of the estimated $185 billion in profits that will be produced from student loans over the next ten years from all the student loan programs.

Index

The index that appeared in the print version of this title does not match the pages in your e-book. Please use the search function on your e-reading device to search for terms of interest. For your reference, the terms that appear in the print index are listed below.

AARP

Abaunza, Bonnie

ABC News

Abney, Wilson

abortion

Adeyemo, Wally

Affordable Care Act (ACA, “Obamacare”, 2010)

Afghanistan War

AFL-CIO

African Americans

financial meltdown of 2008 and

home foreclosure and

predatory and deceptive lending and

AFSCME

AIG

bonuses

Akin, Todd

Albright, Madeleine

Alix, Jay

Ally Financial

All Your Worth
(Warren and Tyagi)

Alzheimer’s

Amalgamated Transit Union

American Bankers Association

American Crossroads

American Express

American Family Voices

American Federation of Government Employees

American Federation of Musicians

American Federation of State County & Municipal Employees

American Federation of Teachers

American Postal Workers Union

American Prospect

Americans for Financial Reform (AFR)

Americans United for Change

American Sustainable Business Council

Andy Griffith Show
(TV show)

Antonakes, Steve

Armisen, Fred

asbestos victims

As We Forgive Our Debtors
(Sullivan, Warren, and Westbrook)

Atkins, Paul

Aurora

autism

auto bailout

auto companies,.
See also
car loans

Axelrod, David

Aykroyd, Dan

Bachus, Spencer

Bair, Sheila

Bakery, Confectionery, Tobacco Workers & Grain Millers International Union

Bale, Christian

bank bailouts.
See
Congressional Oversight Panel; Troubled Asset Relief Program;
and specific individuals and institutions

bank CEOs

Congress and

lack of accountability and

Warren’s speech to

Bank of America

Bank on Students bill (proposed)

bankruptcy.
See also
National Bankruptcy Review Commission;
and specific amendments

academic experts and

banks attempt to change law

business vs. personal

causes of

Chapter 7

Chapter 11

Chapter 13

child support and

Citibank seminar on

credit card debt and

defined

increase in

Kennedy and

Lehman Brothers and

means testing andn

military and

mortgage debt and

National Bankruptcy Review Commission and

profile of people in

shame and

Silvers and

small vs. big businesses and

Warren hopes to change laws on

Warren’s father and fear of

Warren’s research and writings on

Warren teaches courses on

bankruptcy bill (industry-supported, 2000–2004)

of 2000, vetoed by Clinton

of 2002

of 2005, signed by Bush

bankruptcy law amendments

of 1978

of 1984

of 1994

of 2005

Bankruptcy Research Project.
See also
Consumer Bankruptcy Project

banks and banking.
See also
bank CEOs; big banks; credit cards; Dodd-Frank Act; financial regulation; foreclosures; lobbyists; mortgages; predatory lending; small banks; Troubled Asset Relief Program;
and specific individuals and institutions

bankruptcy law and

benefits of regulation for honest

campaign contributions and

CFPB and

concentration in, and TARP

consumer complaint hotline and

COP and

Depression and

deregulation and

fees and

financial crisis and

foreclosure program to “foam runway” for

low-income access and

mortgage-backed securities and

National Bankruptcy Review Commission and

negotiated reorganization vs. bailouts and

predatory practices of

profits of

public relations and

S&L crisis and

stress tests and

TARP and attempt to restart lending by

TARP and shareholders innn

TARP and shares sold to government

Too Big to Fail and

women and

Barnes, Melody

Barofsky, Neil

Barr, Michael

Barron, John M.

Bartlett, Steve

Baum, Naomi

Bauman, Nick

Bear Stearns

Bergstresser, Daniel

Bernanke, Ben

Better Business Bureau

Betty Crocker Homemaker of Tomorrow Award

Bible

Biden, Joe

Bierman, Noah

big banks.
See also
banks and banking;
and specific financial institutions

accountability and

bankruptcy law and

CFPB

COP and

foreclosure scandal andn

Glass-Steagall repeal and

government loans to, vs. students

interest rates and fees

mortgage bias and

National Bankruptcy Review Commission and

power and influence of

products of, regulated as contracts

reforms of 2009 and

Senate Banking Committee and

size of, after TARP

targeting by

TARP bailout and

TARP stock purchase and

Too Big to Fail and

Warren’s Senate campaign and

unregulated lenders and

big corporations

bankruptcy courts and