Sending Office: Honorable Mark Pocan
Help Relieve Student Loan Debt and Cosponsor the Student Loan Refinancing Act, H.R. 2186
Endorsed by: AFT, NEA, Council for Opportunity in Education (COE), American Association of Orthodontists, American Dental Association, Wisconsin Association of Student Financial Aid Administrators, One Wisconsin Now.
Cosponsors (30): Reps. Beyer, Boyle, Brownley, Cohen, Crow,
Grothman, Hastings, Jayapal, Khanna, Kilmer, Kind, Larsen, Lee, Loebsack, Lowenthal, Malinowski, McGovern, Meng, Moore, Payne, Peters, Raskin, Rush, Schiff, Schrader, Sires, Thompson, Wasserman Schultz, Watson Coleman and Welch.
We are reintroducing the Student Loan Refinancing Act, a bill which would remove the current restrictions on refinancing and allow anyone with a subsidized or unsubsidized federal Stafford loan, or a federal direct PLUS loan, to refinance
their student loans whenever borrowing rates are reduced.
For example, borrowers with undergraduate direct loans disbursed between July 2006 and June 2008 carry interest rates of 6.8%. These individuals would be able to take advantage of the current lower rate of 5.05%. This would amount to significant savings
for these individuals over the lifetime of a loan.
Although higher degrees tend to come with significantly higher earnings, students today face a massive financial burden when pursuing those degrees. According to the New York Federal Reserve, total student debt has tripled over the past eight years and now
exceeds all credit card debt in this country.
Student loan debt is restricting borrowers’ ability to contribute to the economy and make other major purchases, like buying a home or a new car.
Hardworking borrowers need a fair shot at the middle class, not a multi-decade student loan debt sentence,
which is why we are reintroducing the Student Loan Refinancing Act. Allowing students to refinance their loans is an important aspect of addressing college affordability this Congress.
Mark Pocan Glenn Grothman
Member of Congress Member of Congress
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