News Column

You Could Save over $8k on Your Student Loan Repayments

June 10, 2014

Mary Landrieu

Senator for Louisiana

June 14

You Could Save over $8k on Your Student Loan Repayments

Dear Friend,

During the last five years, $700 million has been cut from Louisiana's colleges and universities. This has caused the costs of a college degree to increase and led to students and their families taking out more and more debt-college debt has now surpassed credit card debt. This is unsustainable for families and will hurt Louisiana's economy for years to come.

The Bank on Students Emergency Loan Refinancing Act would allow responsible borrowers to refinance their undergraduate loans at today's low 3.86% interest rate, saving the average Louisiana borrower $8,193 over the life of the loan. Borrowers with graduate loans can refinance with an interest rate of 5.41%; borrowers with PLUS loans can refinance with an interest rate of 6.41%.

Use this new Calculator to estimate how much you and your family could save.

When graduates are bogged down with student debt, they can't invest to start a new business or purchase a home. That's why I'm pushing to lower the cost of student loans to the same rates that businesses and homeowners enjoy. This is a smart investment in Louisiana's future.

Share this calculator with your friends and family so they, too, can calculate an estimate of how much they could possibly save by this new bill.

I'll continue to urge senators from both parties to support this common sense legislation so all students, including the thousands new college freshmen from Louisiana this fall, have a fair shot at an affordable college education and earn a passport to the middle class.

All the best,

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Congressional Documents & Publications

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters