New House Document Is No Plan to Protect Millennials’ Health Care

FOR IMMEDIATE RELEASE:

February 17, 2017

Contact: Sarah Schultz, sarah.schultz@younginvincibles.org, 202.734.6510

New House Document Threatens Millennials’ Health Care, Would End Medicaid As We Know It

[WASHINGTON]–On Thursday, House Republicans released a document that makes clear that they have no plan to protect Millennials’ health care and would trample on the progress young adults have made under the Affordable Care Act. YI’s Executive Director Jen Mishory released the following statement on the paper:

“Studies have shown that proposals similar to the House Republican release would strip young adults of their coverage and increase costs for young people currently eligible for premium tax credits. The House document, certainly not an actual plan, would also provide significant tax cuts to the rich while ending Medicaid as we know it — cutting coverage and benefits for the most vulnerable in our society, including pregnant women, people with disabilities, and low-income workers. It could also allow discrimination against up to 30 million young adults with a pre-existing condition. Under the Affordable Care Act, more than 8 million young adults have gained coverage. Under House Republicans’ framework, costs will rise, the number of uninsured will climb, and protections against insurers’ worst abuses will be stripped away. That’s bad for young people’s health.”

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Governor Rauner’s FY2018 Budget Funds MAP but Falls Short on True Investment in Higher Education

Yesterday, Governor Rauner released his Fiscal Year 2018 budget. Erin Steva, Midwest Director of Young Invincibles, released the statement below in response:

“We applaud the recommendation to increase Monetary Award Program (MAP) grant funding by 10 percent. Funding shortages have forced 160,000 eligible students to go without aid each year, and expanding MAP grant funding will provide critical relief to Illinois’ highest need students.

This is a critical down payment, yet much more is needed to support students from low-income families and to reverse the rapid disinvestment that has left Illinois’ higher education system starving for resources. MAP grants covered 100 percent of tuition and fees in 2002, but now only fund 46 percent of costs at four-year community colleges and 32 percent of costs at public universities.

Ultimately supporting low-income students will require a deeper investment in our higher education system as a whole. This year’s budget would cut higher education funding by over $270 million relative to FY15, additional cuts that will devastate our already resource-starved institutions. Over a decade of state disinvestment has caused tuition increases, faculty layoffs, and students to leave for out-of-state schooling. Illinois must make higher education a priority and back that commitment with meaningful investment that restores funding for the current fiscal year and brings higher education funding to pre-recession levels for FY18.”

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Young Invincibles Expresses Deep Concern Over Confirmation of DeVos as Secretary of Education

FOR IMMEDIATE RELEASE:
February 7, 2017
CONTACT: Sarah Schultz, sarah.schultz@younginvincibles.org202-734-6510

[WASHINGTON] - Earlier today, Betsy DeVos was narrowly confirmed as the 11th United States Secretary of Education after Vice President Pence voted to confirm, breaking a 50-50 tie. After the vote, Rory O’Sullivan, Young Invincibles’ Deputy Director, released the following statement:

“As we were throughout her confirmation process, Young Invincibles remains seriously concerned about Mrs. DeVos serving as the Secretary of the Department of Education, namely due to her lack of clarity and commitment to issues concerning Millennials and higher education. In her hearing and on-record responses, Mrs. Devos failed to address how she would stop the staggering increases in student debt, whether she would protect Pell grants and other forms of student aid, how she would use data to help students and families make more informed college choices, and how she would assist millions of student loan borrowers struggling with a complex system and unmanageable monthly payments. We simply do not know what she stands for. Moreover, Mrs. DeVos would not commit to enforcing existing consumer protections like the gainful employment and borrower defense rules, which are the only guardrails against predatory schools who target veterans and hardworking students, subsisting almost entirely on taxpayer dollars.

In a time when over 40 million borrowers are grappling with 1.3 trillion dollars of growing student debt, the Secretary of Education must be prepared to prioritize these issues, for the sake of not only today’s students, but the future of the country. Young Invincibles stands ready to advocate for our generation’s affordable access to quality higher education, and will do all we can to demonstrate to Secretary DeVos the importance of these issues in the months to come.”

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Young Invincibles Delivers Testimony at New York State Workforce Hearing

FOR IMMEDIATE RELEASE:
January 25, 2017
CONTACT: Sarah Schultz, sarah.schultz@younginvincibles.org202-734-6510

[Albany, New York] — Today, Kevin Stump, Northeast Director of Young Invincibles, will deliver testimony at the New York State Legislative Workforce Budget Hearing. Please find his full testimony here. It underscores the critical need for training and skills development among New York’s disadvantaged young adult population. Young adults in New York age 16-24 face a stubbornly high unemployment rate of 15 percent. In particular, Kevin’s testimony focuses on the need to repurpose the Urban Youth Jobs Program–a flawed tax credit that does nothing to train up young adults and offer ways the state can better use that money.

Young Invincibles recently released a report examining the Urban Youth Jobs Program, state’s single largest youth jobs investment, demonstrating that the program does not meaningfully impact employer behavior. It also recommends how to reallocate funding to a number of other state programs, including apprenticeships. Please find the full report here: Sounding the Alarm: New York’s Young Adult Unemployment Crisis & The Need for State-Based Reforms.

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Young Invincibles Delivers Testimony at New York State Legislative Higher Education Hearing

FOR IMMEDIATE RELEASE:
January 24, 2017
CONTACT: Sarah Schultz, sarah.schultz@younginvincibles.org202-734-6510

[Albany, New York] — Today, Kevin Stump, Northeast Director of Young Invincibles, delivered testimony at the New York State Legislative Higher Education Hearing. Please find his full testimony here. It highlights the need for policies that reach young people in New York with the least access and means for making it through the state’s higher education system. He discusses how current proposals in the FY-2018 plan, particularly the Excelsior Scholarship, show strong committment to higher education but currently exclude and penalize part-time, working, low-income students. Moreover, the Governor has not included any Maintenance of Effort funding to ensure institutions can maintain high quality education without being crushed by costs increases (like inflation or energy).

He also discusses shortfalls of New York’s Tuition Assistance Program (TAP) and urges the legislature to increase maximum TAP. The current FY-2018 budget proposes five more years of annual $250 tuition hikes and does not increase  TAP awards. It also force New York’s public universities to pay for the unfunded tuition credit mandate, which has cost CUNY more than $180 million since 2012.

In New York, student loan debt more than doubled during the last decade, growing to $82 billion from $39 billion, an increase of 112 percent with an average debt holder owing $32,200, $2,000 more than the national average. We are pleased that legislators on both sides of the aisle have a lot of questions around full-time criteria, part-time students, and contradictory tuition hikes.

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Cassidy-Collins Bill Would Cut Millennials’ Coverage Access & Quality, Not Improve It

FOR IMMEDIATE RELEASE:

January 24, 2017

CONTACT: Sarah Schultz, sarah.schultz@younginvincibles.org, 202.734.6510

[WASHINGTON]–Yesterday, Senators Bill Cassidy (R-LA) and Susan Collins (R-ME) introduced the Patient Freedom Act of 2017, a plan that would threaten young adults’ access to health care coverage and benefits. Young Invincibles’ Executive Director, Jen Mishory, released the following statement in response to the proposal:

“Last week, Young Invincibles and 53 other organizations called on Congress to ensure that young adults have equal or improved access to high-quality, affordable health coverage under any potential plan to replace the ACA. While Senators Cassidy and Collins’ plan would allow young people to stay on a parent’s policy until age 26, a popular and important provision of the ACA, their plan misses the mark on providing quality and affordable coverage for young people broadly. Under the Cassidy-Collins plan, financial assistance would fall, states could rely on high-deductible health plans with skimpier benefits, or states could simply eliminate coverage options for millions. The plan also lets states dump provisions of the ACA that limit insurance company profits, providing insurers a windfall at the expense of consumers and taxpayers. Congress should take action to improve health care, but cutting coverage access and quality in states that opt to leave Obamacare would threaten Millennials’ financial health, not improve it.”

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Young Invincibles’ Preliminary Response to Governor Cuomo’s FY-2018 Executive Budget

FOR IMMEDIATE RELEASE:
January 19, 2017
CONTACT: Sarah Schultz, sarah.schultz@younginvincibles.org, 202-734-6510

[New York] — On Tuesday night, New York State Governor Cuomo released his FY-2018 Executive Budget. To read Young Invincibles’ full analysis of the budget, please click here. Kevin Stump, Northeast Director of Young Invincibles, released the below statement in response:

  “Governor Cuomo just released the latest executive budget, which has the opportunity to direct much needed funding to programs that help young adult New Yorkers get the education and skills they so badly want and need to enter our state’s economy. With more than 15 percent of 16-to-24-year-olds unemployed and looking for work, this could translate to a potential loss of about $8.8 billion in earnings to New Yorkers over the course of the next decade–the stakes are too high to get it wrong.

The Governor is also proposing to double down on the state’s marquee youth employment program – the $50 million New York Youth Jobs small dollar tax credit for employers – despite evidence suggesting employers don’t find it effective and would rather see investments in training to skill up tomorrow’s workforce.

We are excited by the increased funding Governor Cuomo’s budget dedicates to supporting young adults, but see improvements that must be made to truly support this population in the longterm. The Governor’s plan to make college more affordable through the Excelsior Scholarship is laudable, but we have serious concerns with details of the current proposal that would exclude and penalize part-time, working, low-income students. Additionally the Governor’s budget proposes another five years of unaffordable annual $250 tuition hikes to SUNY and CUNY students who don’t qualify, and provides no “Maintenance of Effort” funding to ensure schools can keep up high quality programs.

We hope that these vital funding streams will continue to be bolstered but also be directed to those programs that provide quality opportunities for young people. With most jobs today requiring a post-secondary education, and with poverty and unemployment rates for young adults across the state remain high, it’s critical that the final budget deal invests in strategies we know work.”

To read Young Invincibles’ full analysis underscoring the unmet needs of young adult New Yorkers, especially SUNY and CUNY students and those entering the workforce, please click here: YI FY-2018 New York State Budget Analysis.

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Young Invincibles Voices Serious Concerns Over Secretary of Education Nominee Betsy DeVos

FOR IMMEDIATE RELEASE:
January 19, 2017
CONTACT: Sarah Schultz, sarah.schultz@younginvincibles.org, 202-734-6510

[WASHINGTON] — During Tuesday night’s confirmation hearing, Secretary of Education-Designate Betsy DeVos took questions from the members of the Senate Health, Education, Labor, and Pensions Committee on a host of issues related to education in America.

Young Invincibles’ Deputy Director, Rory O Sullivan, released the following statement in reaction to the hearing:

“Despite hours of rigorous questioning, Mrs. DeVos’ positions on a host of issues vital to today’s students and borrowers remain woefully unclear at best or outright harmful at worst. She failed to articulate clear stances on crucial questions like how to address the staggering increases in student debt, whether she would protect Pell grants and other forms of student aid, and how to assist millions of student loan borrowers struggling with a complex system and unmanageable monthly payments.  Beyond these critical policy concerns, when asked about combating “waste, fraud, and abuse” by predatory schools, Mrs. DeVos would not commit to enforcing existing rules like the gainful employment rule. Neither could she say clearly who would be in charge of any enforcement efforts should she be confirmed as Secretary.

In a time when over 40 million borrowers are grappling with 1.3 trillion dollars of growing student debt, a Secretary of Education without an agenda or even an opinion on issues that affect millions of students and borrowers is a major cause for concern. We are seriously apprehensive about the nomination of Secretary-Designate DeVos.”

 

 

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Automatic Group Student Loan Relief Offered to Defrauded Borrowers

FOR IMMEDIATE RELEASE:
January 13, 2017
CONTACT: Sarah Schultz, sarah.schultz@younginvincibles.org, 202-734-6510

[Washington, D.C.] - The Department of Education announced today that federal student loan borrowers at the defunct American Career Institute in Massachusetts are eligible for automatic group discharge of their federal student loans under the recently finalized borrower defense rule. Investigations by the Department of Education and the Massachusetts Attorney General’s office, combined with admissions of wrongdoing by ACI, demonstrated that the school misled and deceived students, employed unauthorized instructors, and exaggerated its job placement rates.

“The decision to grant automatic group discharge lifts a huge weight off the shoulders of students who were deceived,” said Reid Setzer, Deputy Director of Policy and Legislative Affairs for Young Invincibles. “Discharging loans used to attend fraudulent institutions is exactly what the Department should do in cases like these. The Department has made sure that these defrauded borrowers can get back on track, without having to go through complex and confusing processes that can prevent them from obtaining relief. We hope the Department will continue to protect students from predatory actors and help restore the financial security of students whenever fraud has been found, so they can continue to pursue their educations.”

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New Report from Young Invincibles: Millennials are Significantly Less Financially Secure Than Baby Boomer Parents

FOR IMMEDIATE RELEASE:
January 13, 2017
Contact: Sarah Schultz, Sarah.Schultz@YoungInvincibles.org, 202-734-6510

New Report from Young Invincibles: Millennials are Significantly Less Financially Secure Than Baby Boomer Parents

 Millennials have half the net wealth Boomers did when they were young adults

[Washington, D.C.] — Today, Young Invincibles released its latest report, The Financial Health of Young America: Measuring Generational Declines Between Baby Boomers & Millennials. The report analyzes the economic challenges facing today’s young people and represents the most comprehensive look to date at the financial security of Millennials compared to their parents. The findings are based on a cross-generational analysis of Millennials today compared to Boomers when they were young adults.  In summary, this generation of young people earns lower incomes, is less likely to own a home, and has lower net wealth than their parents’ generation at the same stage in life. Some of the key findings include:

  • Millennials have amassed a net wealth half that of Boomers at the same age.
  • Young adult workers today earn $10,000 less than young adults in 1989, a decline of 20 percent.
  • When baby boomers were young adults, they owned twice the amount of assets as young adults.

“These findings uncover that Millennials have been set back significantly, by not just the Great Recession but by decades-long financial trends, resulting in major generational declines in financial security between Millennials and Baby Boomers when they were the same age,” said Tom Allison, Deputy Director of Policy and Research for Young Invincibles. “Millennials make up the greatest share of the workforce and the largest generation in history, so in many ways the situation facing young adults today forecasts the financial challenges ahead for the nation.”

This report also distinguishes financial security by the characteristics that make this generation unique in the first place: cultural and racial diversity, the increased need for skills to compete in the workforce, and a growing reliance on student debt to finance postsecondary education.

While we’ve seen some progress in closing wealth gaps since the 80s, there are still stark and disturbing disparities in wealth across racial groups. The report shows that young African Americans’ median wealth has declined by a third since 1989. Low wages continue to exacerbate racial disparities, as young African Americans and Latinos earn 57 cents and 64 cents respectively for every dollar earned by young whites.

Regarding student debt, the report underscores that higher education is still on the whole a person’s best pathway to financial security. It is also increasingly necessary in today’s workforce which requires higher levels of education. A college graduate in 2013 earned roughly the same income as a high school graduate did in 1989. Yet student debt is blunting some of the premium a degree provides. Median assets declined faster for student borrowers with a degree (-71 percent), than those with only a high school diploma or less (-54 percent).

The report outlines a bipartisan policy plan to help Millennials start building wealth, which includes the Earned Income Tax Credit, increasing the minimum wage, portable retirement plans, incentivizing ways to save tax refunds, and more. “As the new administration and Congress take office this month, we urge them to consider these findings. We need policies that will help Millennials build wealth and make sure our generation doesn’t fall further behind,” said Allison.

 

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