Sen. Warren Reintroduced a Student Loan Refi Bill: Our Thoughts
Today, Sen. Elizabeth Warren (D-MA) announced that she will reintroduce legislation to allow student-loan borrowers to refinance their loans to a lower interest rate. Last week, President Obama called for a grassroots effort to support the Student Aid Bill of Rights. In response, Student Debt Crisis, National Education Association, and Higher Ed, Not Debt received more than 58,000 pledges in support of the president’s plan. In addition, more than 3,600 letters from borrowers were sent to Congress demanding action.
CAP Vice President for Postsecondary Education David Bergeron:
“Student loans continue to be a drag on economic growth. Sen. Warren’s bill, reintroduced today, would go a long way toward addressing the needs of the millions of Americans who are struggling to repay their student loans by lowering their interest rates and consolidating to a single payment. This will leave borrowers with more money available to buy a home, start a family, or invest in entrepreneurship.”
Generation Progress Executive Director Anne Johnson released the following statement encouraging action from Congress:
“We applaud Sen. Warren for her commitment to provide relief for millions of student-loan borrowers. The ability to refinance student loans is a bipartisan, common-sense solution that will put money back into the hands of borrowers.
“As outlined in the “Student Aid Bill of Rights,” President Barack Obama made important steps to support students and borrowers. Now, Congress needs to do its part and take action on student-loan refinancing. We strongly encourage Congress to pass this much-needed legislation that will allow borrowers the ability to take control of their future.”
Higher Ed, Not Debt Campaign Manager Maggie Thompson:
“We are thrilled Senator Warren is again championing student loan borrowers and re-introducing the Bank on Student’s Act. Borrowers across the country demanded action, and Senator Warren’s bill will help to answer President Obama’s call to provide affordable repayment options for all student borrowers.”
Student Debt Crisis Executive Director Natalia Abrams (read more):
“We are pleased and encouraged by the re-introduction of Senator Elizabeth Warren’s bill: Bank on Students Emergency Loan Refinancing Act. The ability to refinance federal and private student loans at current rates should be a basic right extended to student loan borrowers. There is no reason that you can refinance your home, your car, and other forms of consumer debt, but not your student loans.”
Young Invincibles Policy Director Jennifer Wang:
“In the year that has passed, nearly a million additional student loan borrowers have fallen behind on their payments. And, with one in seven students defaulting on their debt within a few years of graduating, this bill marks yet another opportunity for Congress to bring some much-needed, immediate relief to struggling student loan borrowers across the country. Our $1.2 trillion dollars in student debt risks the long-term financial security of Millennials and stifles our generation’s ability to contribute to the economy in the years to come.”