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Warren Hopes to Leave Tracks on Land in Michigan Senate Race

Student-loan debate in hand, senator heading to stump for Dem Rep. Peters.

by
Rod Kackley

Bio

July 15, 2014 - 3:30 pm

The volume of Rep. Gary Peters’ (D-Mich.) criticism of former Michigan Secretary of State Terri Lynn Land (R-Mich.) for “ignoring” the college student loan debt issue will be ramped up to a new decibel level during a joint appearance with Sen. Elizabeth Warren (D-Mass.) in Michigan on July 18.

Land, the Michigan Republican Party’s candidate to replace retiring Sen. Carl Levin (D), told MLive.com, “The fact that these students have huge loans is not fair, we need to work on that and to make sure it works for all of the students.”

That is not good enough for Peters.

The Detroit-area congressman wants Land to either endorse or reject Warren’s proposal to allow people burdened with college debt to renegotiate their student loans.

“Michigan students and their families deserve to hear from both candidates about where they stand on the issues. My opponent’s silence on her Party’s efforts to block common-sense student loan reform is unacceptable, and that’s why town-hall debates are so critical to this race and the future for Michigan,” Peters said.

Senate Republicans blocked Warren’s proposal, the Bank on Students Emergency Loan Refinancing Act, in June with a filibuster.

“We made the choice clear: billionaires or students. People who have already made it big or people who are still trying to get a fair shot,” Warren wrote in her blog the day after the filibuster. “At this point, most Republicans want us to quiet down and fade away. I think it is time to come back louder than ever.”

The Peters-Land race for Senate is one that Democrats and Republicans are watching. Democrats are nervous. They never really loved Peters. At best he was an unknown commodity.

At worst, he is a former investment banker who embodies everything populist Democrats, like Elizabeth Warren, don’t like.

Top Democrats actually tried to recruit retired Miami Heat forward Shane Battier to run for the Senate seat. Their proposal was rejected, and Peters is running alone without a primary opponent.

Land, on the other hand, is a very well-known commodity in Michigan. She won rave reviews for her work as Michigan secretary of state. Her picture was everywhere Michigan residents looked.

There probably is no platform in the state’s bureaucracy that touches more people than the secretary of state, an office that is responsible for putting a license plate on every vehicle on the roads and waterways of Michigan, as well as a driver’s license in the wallets of the people who drive those boats, cars, trucks and motorcycles.

However, her Senate campaign seems to have turned off as many voters as Land won over while serving as Michigan’s secretary of State.

In the latest Real Clear Politics polling average, Peters has a 5.6-point advantage on Land.

Republicans think this Michigan Senate seat is one they can capture even though Michigan has been leaning to the blue side of the political color spectrum for decades. Barack Obama won here in 2008 and 2012.

Still, the state GOP is hoping if nothing else, Land will be able to ride the coattails of Gov. Rick Snyder, who has a healthy lead in the polls going into November.

Democrats certainly are not giving up and have to be more than pleasantly surprised by Peters’ staying power and ability to campaign to a tie with someone who was one of Michigan’s more popular politicians.

But in order to win in 2014, Democrats know they have to win the minds of new voters and convince them that it will be worth their time to go to the polls the first Tuesday of November.

It is issues like student debt that Democrats are hoping to use to mobilize young voters in November. The possibility of refinancing student loans will resonate with tens of thousands of young Michigan voters and possibly with their parents, as well.

Student loan debt, which has risen 20 percent to $1.2 trillion between 2011 and 2013 — surpassing every other form of non-mortgage debt — is becoming increasingly expensive, CBS News reported.

People paying off student loans got hit hard July 1. Interest rates on undergraduate Stafford loans climbed that day to 4.66 percent from 3.86 percent in 2013. That affected subsidized and unsubsidized borrowing.

A Project on Student Debt report shows Michigan ranks in the top 10 of states with the highest average student loan debt. In Michigan, the average student loan debt among those who borrow to get a bachelor’s degree is nearly $29,000 and 62 percent of Michigan students have debt when they graduate.

Warren’s proposal, the Bank on Students Emergency Loan Refinancing Act, would allow a borrower with $29,000 in public loans at a 7 percent interest rate to save over $5,400 in interest payments over ten years. A borrower with $100,000 in private loans at a 14 percent interest rate would save nearly $155,000 in interest payments over twenty years.

Peters, according to his campaign, led efforts in 2012 to stop student loan interest rates from doubling. In addition, he is the author of the bipartisan Fair Student Credit Act, which would allow for credit score forgiveness for some students who default on their loans.

“Colleen (Peters’ wife) and I know how the expenses of higher education add up with our oldest daughter in college now. Michigan’s future and our economy depends on the success of our kids and grandkids and we need to make sure we’re not setting them back without reforming the student loan system,” said Peters.

Top Rated Comments   
I'm tempted to say that this nut job envyist has no chance for any elected office whatsoever, but then 2008 and 2012, and oh yes, she won a race herself against a fully adult professional politician challenger who knew what he was doing.

Karl Marx could win in this country in a landslide if he was black or a woman.
6 weeks ago
6 weeks ago Link To Comment
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All Comments   (13)
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Warren is a shill for the education corporations. She already got rich fleecing students and helping to condemn them to a lifetime of debt slavery. Now she wants to 'help' them go deeper in debt so her cronies can continue to gorge themselves.
6 weeks ago
6 weeks ago Link To Comment
"Karl Marx could win in this country in a landslide if he was black or a woman"

He already has.
6 weeks ago
6 weeks ago Link To Comment
The fact that Faux-cahontas wasn't laughed off the stage is a bad sign. The party of evil is also the party of stupid. The Republican should respond with an equally vacuous Student Loan Bill proposal just to counter. We need to play chess even if our opponent is evil and stupid. We can't be stupid-er.

My kid and his wife have student debt so they're being radical and paying it off.
6 weeks ago
6 weeks ago Link To Comment
Average debt for those who borrow is $29,000. First off, how many of these debtors made any attempt to find part-time work to help finance their education? How many got an AA at a community college before attending a University to save money? And finally, how many wouldn't blanch, even for a moment, at dropping $29,000 for a new car after graduation? It's more a matter of disappointment at the prospect of having to pay for something you're finished with. That new Camaro or Mustang would still be fun to drive while you were making the payments.
6 weeks ago
6 weeks ago Link To Comment
What is this talk about 7% interest rates? Is this lady nuts? Twenty years later and I am still paying off my student loans (last payment in Feb 2015). I started at 12% interest. Rates adjusted to the market and I have paid about 3% for the last 10-15 years.

But then again, I live in Texas. Were there is some fiscal sanity in the state agency that handles student loans.

As a side note, there is a reason that BHO nationalized the student loan programs from the states. For most states student loans were the only positive item on the ledger. In short they were a cash cow.

Without getting into the particulars, the money to fund these loans does not originate from the taxpayers. It comes in the form of government insured loans from the private sector banks.

But of course a left wing loon cultural marxist buffoon like Warren does not think thru the consequences of her actions. Think bailouts. Big bailouts. The administration will use this new power to pick their friends or their foes. They can dictate to the banks who to loan money to or not. That is if the bank has a remote chance to survive given the current razor thin 1% reserve requirement. We are talking 1.2 trillion dollars here.

Remember what Vallerie Jarrett said:

'After we win this election, it’s our turn. Payback time. Everyone not with us is against us and they better be ready because we don’t forget. The ones who helped us will be rewarded, the ones who opposed us will get what they deserve. There is going to be hell to pay. Congress won’t be a problem for us this time. No election to worry about after this is over and we have two judges ready to go.'

Make no bones about it, in students loans, to the price of energy, to the EPA and DOJ, and now INS this administration has declared war on the USA.

They are a threat to every man, women, and child in Western civilization.
6 weeks ago
6 weeks ago Link To Comment
I thot Indians didn't leave footprints?
6 weeks ago
6 weeks ago Link To Comment
Notice our esteemed Professor wants to manipulate the interest rates, but says nothing of why there is such burden on the unemployable graduates.

The cost of education itself - Ms. 'Hunts at Whole Foods' Warren continues to milk that cash cow - and the pathetic pseudo Marxist economy where one in two graduates from college can't find a job in their major.
6 weeks ago
6 weeks ago Link To Comment
I would love to interview a group of those "college grads who can't find a job in their major." I'd be willing to bet that they either majored in something stupid, or else they aren't trying very hard. I recently had a discussion with a nephew who graduated $60K in debt with a major in "Recreational Studies." I mean, what in the heck is THAT? I asked him what kind of job he thought he'd be able to get with that major, and he said, "Personal trainer." Except he can't find enough clients to make enough money to move out of mom & dad's basement. So the parents told him he'd have to find a real job. OK, but what is he qualified to do, other than work at the Y or at a health club? Pretty much nothing!

Another young man I know has an MIT degree in Engineering. He claims he can't find a job, but I suspect he isn't looking. He figured that being from MIT, the job would come find him - yes, in Mom & Dad's basement.
6 weeks ago
6 weeks ago Link To Comment
So Elizabeth Redskin Warren, who milked taxpayers and poor students for millions while she was living at that mountain of money Harvard U Corporation, is going to be breaking a lance for the poor bankrupt students, who were swindled by academia. The gullible will fall for her sophistry, and who is more gullible than those who takes out a student loan?
6 weeks ago
6 weeks ago Link To Comment
Don't forget her time with Travelers Ins.where she was on the paroll for 400k, to swindle people out of their claims.
6 weeks ago
6 weeks ago Link To Comment
So - their parents paid for most of their college education; and now they are going to stick their kids with the rest of the bill. And they say we Boomers are self involved.
6 weeks ago
6 weeks ago Link To Comment
Gray Beaver '16!
6 weeks ago
6 weeks ago Link To Comment
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