As Interest Rates Drop for New Student Loans, Courtney Highlights Need for Refinancing Options | Congressman Joe Courtney
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As Interest Rates Drop for New Student Loans, Courtney Highlights Need for Refinancing Options

May 14, 2015
WASHINGTON, D.C.—Today, as new, lower interest rates were announced for student loans for the 2015-2016 school year, Representative Joe Courtney (CT-2) called on House Republican leaders to schedule a vote on his legislation, H.R. 1434, the Bank on Students Emergency Loan Refinancing Act.
“Students enrolling in class this fall will benefit from lower interest rates, stemming from passage of the Bipartisan Student Loan Certainty Act in 2013. While current students will have access to these affordable loan terms, there are millions of borrowers struggling to repay loans with much higher rates,” said Rep. Courtney. “The burden of student debt delays important investments like buying a home, starting a business, and saving for retirement—compromising not only the financial security of these borrowers, but also our nation’s economic recovery.
“Americans working to repay their student loans should have access to the lower interest rates similar to those which borrowers are benefitting from today. That is why I am urging House Republican leaders to bring the Bank on Students Emergency Loan Refinancing Act to the floor for a vote as soon as possible. This much-needed legislation would save thousands over the life of the average loan, and will help relieve the student debt burden weighing on 309,000 borrowers in Connecticut.”
This bill, introduced by Representative Joe Courtney (CT-2) and Senator Elizabeth Warren (D-MA) would allow borrowers with high interest rates on their existing student loans in both the public and private markets to refinance these existing loans to lower interest rates. Under the bill, for undergraduate student loans, borrowers could refinance to an interest rate of 3.86 percent. Currently, some borrowers are paying interest rates as high as 7 percent on their existing loans. The Bank on Students Emergency Loan Refinancing Act has 128 Democratic co-sponsors in the House.
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WASHINGTON, D.C.—Today, as new, lower interest rates were announced for student loans for the 2015-2016 school year, Representative Joe Courtney (CT-2) called on House Republican leaders to schedule a vote on his legislation, H.R. 1434, the Bank on Students Emergency Loan Refinancing Act.
“Students enrolling in class this fall will benefit from lower interest rates, stemming from passage of the Bipartisan Student Loan Certainty Act in 2013. While current students will have access to these affordable loan terms, there are millions of borrowers struggling to repay loans with much higher rates,” said Rep. Courtney. “The burden of student debt delays important investments like buying a home, starting a business, and saving for retirement—compromising not only the financial security of these borrowers, but also our nation’s economic recovery.
“Americans working to repay their student loans should have access to the lower interest rates similar to those which borrowers are benefitting from today. That is why I am urging House Republican leaders to bring the Bank on Students Emergency Loan Refinancing Act to the floor for a vote as soon as possible. This much-needed legislation would save thousands over the life of the average loan, and will help relieve the student debt burden weighing on 309,000 borrowers in Connecticut.”
This bill, introduced by Representative Joe Courtney (CT-2) and Senator Elizabeth Warren (D-MA) would allow borrowers with high interest rates on their existing student loans in both the public and private markets to refinance these existing loans to lower interest rates. Under the bill, for undergraduate student loans, borrowers could refinance to an interest rate of 3.86 percent. Currently, some borrowers are paying interest rates as high as 7 percent on their existing loans. The Bank on Students Emergency Loan Refinancing Act has 128 Democratic co-sponsors in the House.
###
WASHINGTON, D.C.—Today, as new, lower interest rates were announced for student loans for the 2015-2016 school year, Representative Joe Courtney (CT-2) called on House Republican leaders to schedule a vote on his legislation, H.R. 1434, the Bank on Students Emergency Loan Refinancing Act.
“Students enrolling in class this fall will benefit from lower interest rates, stemming from passage of the Bipartisan Student Loan Certainty Act in 2013. While current students will have access to these affordable loan terms, there are millions of borrowers struggling to repay loans with much higher rates,” said Rep. Courtney. “The burden of student debt delays important investments like buying a home, starting a business, and saving for retirement—compromising not only the financial security of these borrowers, but also our nation’s economic recovery.
“Americans working to repay their student loans should have access to the lower interest rates similar to those which borrowers are benefitting from today. That is why I am urging House Republican leaders to bring the Bank on Students Emergency Loan Refinancing Act to the floor for a vote as soon as possible. This much-needed legislation would save thousands over the life of the average loan, and will help relieve the student debt burden weighing on 309,000 borrowers in Connecticut.”
This bill, introduced by Representative Joe Courtney (CT-2) and Senator Elizabeth Warren (D-MA) would allow borrowers with high interest rates on their existing student loans in both the public and private markets to refinance these existing loans to lower interest rates. Under the bill, for undergraduate student loans, borrowers could refinance to an interest rate of 3.86 percent. Currently, some borrowers are paying interest rates as high as 7 percent on their existing loans. The Bank on Students Emergency Loan Refinancing Act has 128 Democratic co-sponsors in the House.
###
WASHINGTON, D.C.—Today, as new, lower interest rates were announced for student loans for the 2015-2016 school year, Representative Joe Courtney (CT-2) called on House Republican leaders to schedule a vote on his legislation, H.R. 1434, the Bank on Students Emergency Loan Refinancing Act.
“Students enrolling in class this fall will benefit from lower interest rates, stemming from passage of the Bipartisan Student Loan Certainty Act in 2013. While current students will have access to these affordable loan terms, there are millions of borrowers struggling to repay loans with much higher rates,” said Rep. Courtney. “The burden of student debt delays important investments like buying a home, starting a business, and saving for retirement—compromising not only the financial security of these borrowers, but also our nation’s economic recovery.
“Americans working to repay their student loans should have access to the lower interest rates similar to those which borrowers are benefitting from today. That is why I am urging House Republican leaders to bring the Bank on Students Emergency Loan Refinancing Act to the floor for a vote as soon as possible. This much-needed legislation would save thousands over the life of the average loan, and will help relieve the student debt burden weighing on 309,000 borrowers in Connecticut.”
This bill, introduced by Representative Joe Courtney (CT-2) and Senator Elizabeth Warren (D-MA) would allow borrowers with high interest rates on their existing student loans in both the public and private markets to refinance these existing loans to lower interest rates. Under the bill, for undergraduate student loans, borrowers could refinance to an interest rate of 3.86 percent. Currently, some borrowers are paying interest rates as high as 7 percent on their existing loans. The Bank on Students Emergency Loan Refinancing Act has 128 Democratic co-sponsors in the House.
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Issues:Education