Recent Content

  1. 2 years 2 months ago
    Written by Colin
  2. 2 years 3 months ago
    Written by Colin
  3. 2 years 6 months ago
    Written by Nicole
  4. 2 years 8 months ago
    Written by Nicole
  5. 2 years 8 months ago
    Written by Nicole
  6. 2 years 9 months ago
    Written by Colin

Student Loan Refi Bill Stalls in Senate

18 Jun
Colin

Colin

View Profile

No comment yet

The student loan bill proposed by Sen. Elizabeth Warren (D-MA) that would allow students to refinance their older student loans to lower their interest payments has been stalled in the Senate.  

 

The bill was essentially a non-starter in the Senate, since it was planned to be funded by the so-called "Buffet Rule", which would raise taxes on individuals making over a million dollars a year to a minimum 30% tax rate.  The bill needed at least 60 votes to clear a procedural hurdle in the Senate, but Democrats were only able to get 56 votes. Three Republicans voted for the bill, and Senator Harry Reid (D-NV) voted against the bill in order to allow him to bring the bill back up for consideration at a later time.  

 

The bill would help those who have older student loans, some which have interest rates over 7%.  The bill would allow them to refinance their interest rates to 4% or even lower.  In addition to the question of funding the bill, many Republicans also see the bill as an election-year grab for votes by capitalizing on the issue of student debt.  The United States has about $1.2 trillion in outstanding student loan debt.

Add new comment

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

Filtered HTML

  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <blockquote> <code> <ul> <ol> <li> <dl> <dt> <dd> <h2> <h3> <br> <br />
  • Lines and paragraphs break automatically.
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
By submitting this form, you accept the Mollom privacy policy.

CollegeEducation411 Newsletter SignUp

* indicates required
Are you a student or parent?
Email Format

Connect With Us