I am proud to rise today to support the Bank on Students Emergency Loan Refinancing Act. This bill would allow eligible students refinance their Federal loans, transfer private loans into Federal loans with better interest rates, and eliminates tax loopholes for millionaires and billionaires. This bill would help more than 25 million students in the United States, including 481,000 student borrowers in Maryland. Middle-class families and their children deserve a fair shot at higher education. Students deserve fair, affordable loans to help them get the education they need to succeed, and the working women of America deserve a fair shot at fair pay with equal pay for equal work. Right now, millions of American students are graduating from college and universities, but as they are handed their diplomas, they are being handed a lifetime of debt. The average student debt for 2012 college graduates was $29,400, and for the first time in U.S. history, student loan debt topped credit card debt at $1 trillion. When you are fresh out of college and paying living expenses and investing in a 401(k), these loans add up and become burdensome. This especially affects young women struggling to pay debts against a wage gap. College-educated women earn just 82 cents for every dollar a man makes, but they don't get an 18 percent wage gap discount on their student loans.…
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