Voters Support Action on Student Loans
Yesterday Americans overwhelming supported progressive actions like raising the minimum wage and expanding paid family leave. Voters also support providing relief for student loan borrowers. Public Policy Polling, which conducted a survey of voters in battleground states, found particularly broad support for the Congress to pass a student loan refinancing bill.
Specifically, PPP found that 73% of voters support allowing people to refinance student loans that have high interest rates, while only 16% oppose refinancing. Even among those who supported Republican Senate candidates, 61% support student loan refinancing. And the survey confirms that student loan refinancing is not just a Millennial issue, but one that voters of all ages care about: 70% of voters between 46 and 65 support refinancing, as do 77% of voters between age 30 and 45.
Sen. Elizabeth Warren’s Bank on Students Emergency Loan Refinancing Act would allow borrowers to refinance their student loans and save the typical borrower around $2,000 over the life of his or her loan. But when the bill came up for a vote in September, all Senate Republicans blocked it from coming to the floor. Given PPP’s findings, the new Congress should think twice before neglecting to act on behalf of those with student loans.
Congressional action on student loans will have important implications on a handful Senate races in 2016. Senators who will likely be in close races include Pat Toomey, Ron Johnson, Marco Rubio, Mark Kirk, Roy Blunt, Kelly Ayotte, Richard Burr – all of whom are on record opposing student loan refinancing. The new Congress should take action to allow students with federal loans to refinance at lower rates, like is possible with other forms of debt.
Learn more about Sen. Warren’s efforts to allow students to refinance their student loans, here.
Higher Ed Not Debt
Posted on 5 November 2014