Washington, D.C. – Today, Republicans in the Senate blocked bipartisan legislation to refinance student loans. In response, Carmel Martin, Executive Vice President for Policy at the Center for American Progress, released the following statement:
It’s disappointing that Republicans in the Senate would block common-sense legislation that would allow student-loan borrowers the ability to refinance their loans. The effort to allow refinancing has bipartisan support and would help millions of borrowers—from young adults to senior citizens—achieve economic security. Helping borrowers shoulder the burden of student-loan debt is not only critical to ensuring that American students and families have a fair shot at economic success, but will also help grow our economy overall. Allowing existing borrowers to take advantage of lower interest rates will help alleviate the serious drag that student-loan debt places on our economy.
Anne Johnson, Executive Director of Generation Progress, released the following statement:
This has been an important week for student loan borrowers. While today’s bipartisan vote in the Senate on student loan refinancing signals a desire to help middle-class Americans and boost our economy, we are disappointed Senate Republicans blocked the measure. Refinancing student loans is a commonsense solution, and we will continue to work on behalf of the 40 million Americans who carry student loan debt.
- Refinancing Student Loans 101 by Sarah Audelo and Gurwin Singh Ahuja
- It’s Our Interest: The Need to Reduce Student Loan Interest Rates by Anne Johnson and Tobin Van Ostern
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