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Student loan borrowers are trying to do the responsible thing by paying off their loans but are being punished with high interest rates.
When you take out a mortgage or car loan, you can refinance the loan to get a better interest rate. With student loans, however, you’re stuck with the interest rate set by Congress, even though that rate is high enough to produce massive profit beyond the costs of operating the student loan program. And that’s just not fair.
The student loan refinance bill, sponsored by Sen. Elizabeth Warren (D-Mass.), would allow 25 million student loan borrowers to refinance the interest rates of their student loans, and those extra savings will go a long way in this economy where unemployment is still too high and wages aren’t rising fast enough.
The Senate this week is poised to take a vote on Warren’s student loan bill (S. 2432). Unfortunately, the last time the bill came up for a vote, Senate Republicans chose to stand with their wealthy campaign contributors over tens of millions of students and their families.
Thankfully, Senate Republicans will have one more chance to change their minds.
Call your senators today at 1-855-712-9375 and tell them to pass S. 2432 so student loan borrowers will no longer be punished with high interest rates.