RELEASE: Mike McFadden Out of Touch With Students, Families Struggling With Loan Debt

ST. PAUL [9/15/14]— Yesterday, investment banker Mike McFadden attacked “Senate leaders for focusing on student loan refinancing” and the work being done in the Senate to help lower the cost of college, despite the fact that Minnesotans graduate with some of the highest debt in the country.

McFadden’s out of touch comments that Congress should ignore the millions of Americans struggling with student loan debt came during a Sunday press conference where he attempted to play election year politics with ISIL’s activities and suggested the Senate isn’t focused on terrorist recruitment. Sen. Franken attended national security briefings last week after the President’s address to the nation on ISIL, and has been focused on terrorist recruitment in Minnesota since taking office.

McFadden’s comments show his inability to focus on more than one issue at a time, and reveal how disconnected he is with the reality families in Minnesota face.

“The fact that investment banker Mike McFadden would ignore the millions of Minnesotans and Americans struggling with student loan debt shows how little he cares about solving problems, and how wrong he is for Minnesota,” said Alexandra Fetissoff, Franken campaign spokesperson. “U.S. Senators have to be able to tackle more than one issue at a time, and it’s clear that Mike McFadden isn’t up to the job.”

Student loan debt is the second largest source of personal debt in the country. Last week, Sen. Al Franken called on his colleagues to pass his student loan bill, which would give Minnesotans with outstanding student loan debt the chance to refinance their public and private student loans at lower rates. The Bank on Students Emergency Loan Refinancing Act is paid for by enacting the Buffett rule, which would ensure millionaires and billionaires pay their fair share in taxes. 560,000 Minnesotans stand to benefit from the lower interest rates in the bill.

McFadden does not support the bill, and would protect millionaires and billionaires over giving half a million Minnesotans the ability to refinance their high-interest student loans.

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