On the recordJune 10, 2014
Last August, in a rare flash of bipartisan togetherness, we passed a measure that protected new student loans from doubling to 6.8 percent, but there is still much work left to be done. The $1.2 trillion of student loan overhang still haunts many who have graduated from university in prior years. Yesterday, President Obama, with the stroke of a pen, extended the income-based repayment protections, capping at 10 percent of income the debt requirements for students who took out Stafford loans in the past, but there is still more work to be done. Again, for many who have private student loan debts at 8 percent, 10 percent, 12 percent interest, they are still not getting any relief. A few days ago, we introduced in the House the Bank on Students Emergency Refinancing Act, which will allow students with those loans to refinance down those high rates to 3.8 percent, something which middle class families do with home mortgages and credit cards. We need to provide that assistance, particularly for young Americans who are starting out in their professional employment careers. Let's come together as we did last August. Let's support the Bank on Students Emergency Refinancing Act. Let's pass this measure, which is a critical problem for middle class Americans. ____________________
