McEachin Voices Support for Student Loan Refinancing Act

Statement

Congressmen A. Donald McEachin (VA-04) is a proud cosponsor of H.R. 1614, the Student Loan Refinancing Act.

The Student Loan Refinancing Act would enable borrowers with federal student loans to refinance their loans whenever a lower interest rate becomes available.

"Providing students with the opportunity to get a higher education so they can get good-paying jobs and be productive, constructive citizens is one of my most important goals. However, with the escalating costs of higher education, these students are graduating with crushing debt, hampering their ability to contribute to the economy and invest in their community by purchasing homes", said Congressman Donald McEachin. "This legislation is a step in the right direction to help these students. It will remove current restrictions on financing and allow students to refinance whenever borrowing rates go down. We need to do whatever we can to reduce the costs of higher education and to help students overcome seemingly insurmountable debt. I am pleased to make this small start and will continue to work to improve the future for our youth by increasing educational and vocational opportunities at manageable costs."

The Student Loan Refinancing Act will allow more than 44 million Americans to refinance their federal student loans and the bill has garnered bipartisan support.

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