Congressman DeSaulnier Introduces Student Borrower Fairness Act

Press Release

Today, at an event at the University of California, Berkeley, Congressman Mark DeSaulnier (CA-11) announced the introduction of the "Student Borrower Fairness Act" (H.R. 3675). This bill decreases student loan interest rates by allowing borrowers to refinance their interest rates at the rate offered to banks by the Federal Reserve. The costs are offset by increasing corporate tax rates on companies that pay their CEO or highest paid employee more than 100 times the median compensation of all employees.

"It is patently unfair that the same big banks that toppled our economy borrow from the federal government at extremely low interest rates while student borrowers are struggling to pay back their loans. Meanwhile, people of all ages are buried in student loan debt which holds them back from being able to buy a car, purchase a home, save for retirement, or start a family. This bill is a first step toward making sure our students can emerge from under their piles of crippling debt and enter tomorrow's highly-trained workforce," said Congressman DeSaulnier.

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