On the recordMarch 18, 2015
I rise today to announce the introduction of the Bank on Students Emergency Loan Refinancing Act of 2015. This bill will allow student loan borrowers to take advantage of today's lower interest rates, and I urge my colleagues to support it. Last Congress, Democrats pressed for a similar bill which has strong support from the Senate and from the public. Every Democrat, every Independent, and three Republicans voted to move this bill forward. More than 700,000 people signed petitions in support of student loan refinancing, but Republicans filibustered the bill, so it didn't pass. It is time to try again, because a problem that was bad last year has gotten worse--much worse. Since last year, nearly 1 million more borrowers have fallen behind in their payments. Nearly 1 million more are watching their balances get bigger, not smaller. Nearly 1 million more people are sweating out how they are ever going to repay their student loan debt. Last year, student loan debt was an economic emergency. Now, 1 year later, the emergency is getting worse. Just look at the numbers. Students are now struggling with $100 billion more debt than 1 year ago. Since last year, total student loan debt has jumped to $1.3 trillion, and the debt is crushing young people. Last year, experts at the U.S. Treasury, the Federal Reserve, and the Consumer Financial Protection Bureau all sounded the alarm on student debt. This year, the alarm bells are sounding even louder.…
