FOR IMMEDIATE RELEASE

May 6, 2014

CONTACT: Jamal Little

202.741.6251; jlittle@americanprogress.org

 

Washington, D.C.—Sen. Elizabeth Warren and 23 cosponsors introduced the “Bank on Students Emergency Loan Refinancing Act” today, which would allow student loan borrowers to refinance their loans to a lower rate.  Rep. Miller and Rep. Tierney will file a companion bill in the House.

Anne Johnson, the Executive Director of Generation Progress, released the following statement in response:

“For too long, student loan borrowers have been left behind. We applaud Sen. Warren and the bill’s 23 co-sponsors for introducing legislation that would give borrowers a fair shot in this economy. With student debt totaling more than $1.2 trillion, the ability for borrowers to refinance student loans will save them billions of dollars in interest payments each year.

We know that student debt is taking a toll on our economy, and borrowers are struggling to get by. Many have reported delaying major decisions, like buying a home or a car, or putting off saving for retirement. Student loan borrowers should be able to refinance their loans—just like homeowners, corporations, and even state and local governments.

As we saw last year, ensuring that student loan borrowers benefit from low, market-based interest rates is a bipartisan policy, and Generation Progress is excited to work with Congress to tackle this crisis.”

David Bergeron, Vice President for Higher Education Policy at the Center for American Progress, also released the following statement in response:

“Student loan debt is getting out of control, and we need long-term solutions to help existing borrowers and create an economy that works for everyone. Refinancing student loans would boost the economy, help borrowers become more financially stable, and provide relief to millions of Americans.”

To learn more about refinancing student loans, please visit http://genprogress.org/about/student-loan-refinancing/

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