"Student debt threatens the long-term financial security of too many young Virginians," Senator Warner said. "This bipartisan legislation allows employers to assist their employees in managing and paying down their student debts. Additionally, it provides a unique new tool to help
"Students should have a choice when it comes to financing their education," said Senator Thune. "Rather than locking students into high-interest loans with the federal government, our bill would allow students flexibility to work with private companies to secure lower rates and pay part of these loans back using pre-tax dollars. This is a winning solution for students and businesses alike. I hope our colleagues will join us in moving this important legislation forward."
To be eligible for this loan assistance program, employees with student loan debt must refinance their loans into the private market, which in some instances will allow the student to take advantage of lower interest rates available than what is currently offered by the federal government. Borrowers will be offered protections in the event of financial hardship.
Senator Warner recently introduced a package of legislative proposals to help make higher education more affordable for
Employer Participation in Refinancing Act (S.2429) by
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