Today, U.S. Senator
"This bill would help our student borrowers repay their college loans, putting money in their pockets to buy a home, start a new business or raise a family," Udall said. "At a time when we're trying to rebuild our economy, that's an investment we should all be able to agree on. So it's extremely disappointing that once again Republicans refused to allow the
Last summer, Udall helped to lead an effort to prevent student loan rates from nearly doubling for new borrowers, keeping rates at 3.86 percent. However, the new law did not protect existing borrowers from paying high interest rates of 7 percent or more. The Bank on Students Emergency Loan Refinancing Act would have made all current and existing borrowers eligible for the lower rates. The bill was paid for by limiting tax breaks for millionaires and billionaires that allow them to pay less of their income in taxes than middle class families.
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