INDIANAPOLIS – Congressman Todd Young’s education plan called for student loan interest rates to fluctuate with the unpredictable financial markets, leaving students already drowning in student loan debt vulnerable to interest rates that could be more than double what they currently pay.

In Washington, Congressman Young supported a plan that would index student loan rates to ten-year Treasury note yields, a figure that is disconnected from a student’s ability to pay off their loans, as well as volatile and likely to rise in the coming years.

By indexing the loan rates to ten-year Treasury yields, Congressman Young could make college more expensive by risking students’ college debt on an unpredictable market.

“Congressman Todd Young’s irresponsible plan gambles with our students’ futures based on the ups and downs of the financial market. A Hoosier’s ability to go to college shouldn’t have to rely on market rates that prove to be volatile,” said John Zody, Chairman. “Students need the sense of security when it comes to their college and student loans. As Congressman Young tries to play to the political powers of Washington special interests, his dangerous education plan would make college more expensive for our kids.”

“Congressman Young doesn’t care that under his plan, students like me would have to worry that the ups and downs of the financial markets may keep us from paying off our student loans or going to college all together,” said Julian Winborn, a student at Indiana State University. “If Todd Young’s out of touch plan became law, students would be hurt. Instead of trying to help Hoosier students, Congressman Young would only have us fall behind just as we’re getting started with our lives.”

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INDIANAPOLIS – Yesterday, students from Indiana State University joined local leaders to reject Congressman Todd Young for his plans that would make college less affordable, including slashing the Pell grant program, increasing student loan rates, and opposing efforts to allow students to refinance student loans.

In contrast, students praised Evan Bayh, who “would bring to the Senate a common sense approach, the same type that resulted in the successful 21st Century Scholars program right here in Indiana.”

Tribune Star:

College and community young Democrats gathered Wednesday at Indiana State University to criticize the voting record of Republican Congressman Todd Young on issues related to college affordability.

They praised the record of Evan Bayh, a Democrat, and urged support for his U.S. Senate candidacy. Young and Bayh are battling for the senate seat being vacated by Republican Sen. Dan Coats, who is retiring.

Michael Shepard, ISU student and president of ISU College Democrats and Curtis DeBaun II, Terre Haute City Council member, spoke during a news conference conducted in front of the Bayh College of Education.

They said Young has supported efforts to cut Pell grants and raise student loan interest rates that can cost as much as a semester at an Indiana university. They also said Young opposed efforts to allow students to refinance their student loan interest rates, which would help bring down the costs of their loans.

DeBaun, who earned both bachelor’s and master’s degrees at ISU, said Young’s ideas on student loans and college affordability “are simply wrong.” Young supported a plan to index student loan rates to 10-year Treasury note yields, which is disconnected from a student’s ability to pay a loan, DeBaun said. “It’s subject to volatility and likely to rise in the future.”

DeBaun also charged Young has voted to keep student loan interest rates high, and he has voted against allowing students to refinance their loans at a lower rate.

“Congressman Todd Young would force students to spend more time paying off their loans rather than starting their lives purchasing cars and houses, starting their own businesses and contributing to the Hoosier economy,” DeBaun said.

Shepard, who comes from a working class family, said he is relying on student loans to pay for his college education. His mom has leukemia and his younger brother, who will attend college next year, also has health problems. Many other students he knows are taking out student loans and face potentially high debt when they graduate.

Young’s education plan and legislation he has supported “would not help any students out at all,” Shepard said. Bayh, on the other hand, “has stood for policies that will help students.”

DeBaun said Bayh “would bring to the Senate a common sense approach, the same type that resulted in the successful 21st Century Scholars program right here in Indiana. … Evan Bayh will fight to protect Pell Grant funding and lower student loan interest rates.”

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INDIANAPOLIS – On Wednesday afternoon, Rep. Clyde Kersey, Councilman Curtis DeBaun, and students at Indiana State University delivered a scathing rebuke of Congressman Todd Young’s plan that would hurt Hoosier students and make college less affordable.

Congressman Young has voted in Congress to slash more than $100 million in Pell Grant funding in Indiana alone, a cut that would impact over 200,000 students in the state. And what’s worse, 32,000 Hoosier students would lose access to Pell grants while others could see their awards cut by an average of $1,600.

“Congressman Young’s education plan—one he took credit for helping to draft—ignores the needs of students by stripping Pell Grant funding completely from 32,000 low-income Hoosier students and slashing the award for the remaining students,” said Rep. Clyde Kersey. “Todd Young and his education plan would only help the special interests in Washington, all at the expense of Hoosier students.”

Congressman Young has also voted to allow student loan interest rates to double from 3.4% to 6.8%. Given that Hoosier students graduate with an average student loan debt of $29,229, this type of increase would cost approximately a semester’s worth of tuition at Indiana State University, Indiana University, Purdue, and Ball State. Additionally, Congressman Todd Young even voted to tie student loan rates to the financial markets – allowing rates to rise unpredictably.

“Congressman Young would put the dream of a college education out of reach for far too many Hoosier students,” said Michael Shepard, student at Indiana State University and president of the ISU College Democrats. “Young’s plan would make it even more difficult for students to pay off their loans—doubling student loan rates, which would amount to an entire semester’s worth of tuition at ISU. With those kinds of harmful policies that don’t look out for Hoosier students, we don’t want Todd Young in the U.S. Senate.”

Finally, Young has opposed efforts to allow students to refinance their student loan interest rates, which would help bring down the costs of their loans.

“Congressman Todd Young would force students to spend more time paying off their loans rather than starting their lives purchasing cars and houses, starting their own businesses, and contributing to the Hoosier economy,” said Councilman Curtis DeBaun. “Frankly, that’s unacceptable, and that’s not the kind of person we want representing us as U.S. Senator.”

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As heroin crisis worsened, Young voted against helping Indiana’s first responders fight the epidemic

INDIANAPOLIS – On Friday, the Department of Justice (DOJ) announced that a $950,000 grant would be delivered to the Indiana State Police “to address the significant increase in drug-related deaths in the state”—where heroin-related deaths have tripled since 2010. DOJ’s Community Oriented Policing Services (COPS) delivered this grant broken up by $350,000 from the Anti-Heroin Task Force and $600,000 from the Anti-Methamphetamine Program.

While this funding is great news for the state’s first responders who are working tirelessly to combat the heroin crisis in Indiana, it’s also a reminder that Congressman Todd Young voted against funding this life-saving program. Congressman Young himself has called the heroin problem a “crisis,” and warned that “thousands” of children could lose their parents to addiction.

But when the opportunity came to help Hoosiers during this crisis, Congressman Todd Young voted against them –hamstringing the efforts of Indiana police and fire departments. In fact, Congressman Young voted against $7 million for the anti-heroin task force within COPS as part of the Omnibus bill that funded The Substance Abuse And Mental Health Administration and the Anti-Methamphetamine Program.

“Indiana’s heroin crisis is one of the worst in the country, and combatting the epidemic should be a bipartisan priority. But while Congressman Todd Young said he recognized the scale of the epidemic, he chose to turn a blind eye toward funding anti-heroin efforts for our emergency workers,” said John Zody, Chairman. “Indiana deserves a Senator who is dedicated to doing whatever it takes to help our first responders and health care workers fight this crisis that has led to far too many tragedies across our state. Congressman Todd Young needs to tell Hoosiers why he was opposed to helping our state fight this ongoing epidemic.”

The Fraternal Order of Police has endorsed Congressman Todd Young’s opponent Evan Bayh because he has consistently stood by their efforts to combat crime and drug abuse.

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INDIANAPOLIS – Eric Holcomb claims his administration has invested more dollars in education than ever before. Tell that to the rural and urban schools who have seen their funding slashed while suburban corporations and charter programs take their place.

“Eric Holcomb is simply not being transparent when he claims that the state has invested more in our education system than ever before. While the Pence-Holcomb Administration has prioritized charter programs and suburban school corporations, struggling urban and rural schools are left behind,” said John Zody, Chairman. “Indiana needs a comprehensive approach to education investment. Until that’s done, students, teachers, and entire communities will continue to be shortchanged opportunities in favor of the out-of-touch political agenda of the Mike Pence-Eric Holcomb team.”

BACKGROUND INFORMATION: STRUGGLING SCHOOLS LOSE UNDER PENCE-HOLCOMB ADMINISTRATION

HEADLINE: “Wealthiest Schools Thrive Under New State Budget While Poor Ones Mostly Get Less” [Chalkbeat Indiana, 4/30/15]

In A School Funding Formula Approved By The Indiana Legislature, The 25 School Districts With The Highest Family Income Were All Slated To Get More Per-Student State Aid Than Over Half Of Those With The Lowest Family Income. “The effect of the new school funding formula approved by the Indiana legislature tonight can be summed up by the effect on the richest and poorest communities. Of the 25 school districts with the highest family income, all of them will get more per-student state aid over the next two years. But what about the 25 with the lowest family income? Just 12 of them get more money in 2016 and 2017 across the board — in overall state aid and per-student aid. The rest get less in one or both areas.” [Chalkbeat Indiana, 4/30/15]

Indy Star: “Fast-Growing Suburban Schools Would See Increases In Funding While Poorer, Urban Districts Would See Their Budgets Slashed By Millions Of Dollars.” “The two-year budget approved Wednesday night provides 2.3 percent annual increases in education spending. But not all schools would reap the benefits of those increases. Fast-growing suburban schools would see increases in funding while poorer, urban districts would see their budgets slashed by millions of dollars. The budget plan also includes charter school grants of $500 per student if they perform at a certain level. That’s less than the $1,500 per student that Pence sought. The budget also lifts a cap on elementary school private school vouchers.” [Indy Star, 4/30/15]

Pence Did Not Restore Enough School Funding In His Budget To Keep Pace With The Cost Of Inflation. “The 2015 session is likely to be the first of Gov. Mike Pence’s tenure to be punctuated more by talk of spending on schools and education than talk of tax cuts — his bailiwick of the last two years… Between 2009 and 2013, the latest year for which total education spending data are available, the total spent across the state dropped from $11.51 billion to $11.49 billion. Lawmakers and Pence restored some school funding in the most recent budget, but not enough to keep pace with the cost of inflation.” [Associated Press, 11/2/14]

The Indianapolis Public Schools District Was Set To Lose Nearly $17 Million In The Budget Approved By State Lawmakers. “State lawmakers approved a $31 billion spending plan that will increase funding for K-12 education during the final minutes of the legislative session late Wednesday evening… The Indianapolis Public Schools district is set to lose nearly $17 million in the budget, but suburban school districts will fare better. Charter schools would be eligible for a $500 grant per student under certain circumstances.” [WRTV, 4/30/15]

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