Today, U.S. Senators
Many borrowers with outstanding student loans have interest rates of nearly 7 percent or higher for undergraduate loans, while students taking out new undergraduate loans pay a rate of 3.86 percent under the Bipartisan Student Loan Certainty Act passed by
"Present student debt is crippling - economically, emotionally and morally - making this measure an historic imperative," said Blumenthal. "Young people are postponing purchases likes homes and cars and delaying major life decisions - whether to get married and when to have children - because of crushing student loan debt. We should reward students who invest in their education, not punish them with high interest rates or profit off their backs. By allowing students to refinance their loans, this bill will give graduates a fair shot at better lives and brighter futures."
"The cost of a college education has soared to prohibitively high levels, preventing countless prospective students from getting a degree and the opportunities that come with it," said Murphy. "Allowing students to refinance their loans will make college more affordable for millions of people, plain and simple. College affordability is one of the middle class issues of our time, and I'm proud to support this bill to help more people reach their goals and succeed."
"Exploding student loan debt is crushing young people and dragging down our economy," said Warren. "Allowing students to refinance their loans would put money back in the pockets of people who invested in their education. These students didn't go to the mall and run up charges on a credit card. They worked hard and learned new skills that will benefit this country and help us build a stronger middle class and a stronger America."
There are nearly 40 million Americans with outstanding student loans. The Bank on Students Emergency Refinancing Act could lower payments for millions of those individuals by hundreds or thousands of dollars a year. The average student loan debt among those who borrow to get a bachelor's degree is nearly
The legislation is fully funded by enacting the Buffett Rule, which would limit special tax breaks for the wealthiest Americans that allow millionaires and billionaires to pay lower effective tax rates than middle class families. A companion bill is being introduced today in the
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