Menendez, Booker, Democrats Introduce Student Loan Refinancing Legislation

Press Release

U.S. Senators Bob Menendez and Cory Booker today joined Congressional Democratic colleagues in introducing the Bank on Students Emergency Loan Refinancing Act. The legislation would allow borrowers with outstanding student loan debt to refinance at the interest rates offered to new federal borrowers in the 2016-2017 school year.

"The burden of student loans is literally crippling the ability of responsible young people to reach their full potential after college graduation," said Sen. Menendez. "Think about it; it is nearly impossible for a family to build an economically secure future on a sea of debt. When borrowers are able to refinance their debt at today's low rates, our entire economy will reap the benefits as more young people are finally able to save up for their first homes, start families, and launch new businesses."

"Crushing student loan debt is imposing extraordinary financial strain on so many college graduates and their families," Sen. Booker said. "If you can refinance a home mortgage or a car loan to a lower interest rate, you should be able to refinance your student loan and save potentially thousands of dollars. This legislation gives students a fairer shot at achieving the American dream."

According to a report by the Project on Student Loan Debt at the Institute of College Access and Success, 66% of students graduated from New Jersey public and non-profit colleges in 2015 with student loan debt. That debt averaged $30,104 per borrower.

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