Hastings, Rokita Introduce Bipartisan Legislation to Ease Student Loan Burden

Statement

Today, Representatives Alcee L. Hastings (D-FL) and Todd Rokita (R-IN) introduced bipartisan legislation to ease the burden of student loan debt in the United States. The legislation, the Student Loan Lower Interest Rate and Lower Monthly Payment Refinancing Act of 2017, will help parents and students refinance loans at lower interest rates and alleviate their financial burden. (Please find attached a copy of the legislation):

"Interest rates on new federal student loans are approximately 3.8 percent. However, there are millions of American's that are stuck with student loans from the past with much higher interest rates, which takes years to pay off," said Congressman Alcee L. Hastings. "That is why I joined my colleague, Congressman Todd Rokita, in introducing the Student Loan Lower Interest Rate and Lower Monthly Payment Refinancing Act of 2017. This bipartisan bill will help facilitate quicker student loan debt reduction and help millions of Americans.

"We are putting money back in students' pockets," said Congressman Todd Rokita. "Student loans are a burden for millions of Americans, but with our new legislation we will be able to help alleviate that burden by making it easier to refinance loans at a lower interest rate. We are creating flexibility that will help yesterday's, today's, and future students."

The Student Loan Lower Interest Rate and Lower Monthly Payment Refinancing Act of 2017 will give Americans the opportunity to refinance their loans and take advantage of lower market rates. The bill will also eliminate service contracts and reduce default costs paid by taxpayers.

"I believe that in Congress we should be doing more to work across the aisle on bipartisan measures to address the many issues facing this nation," added Hastings. Student debt is one of those critically important issues. It is my sincere hope that my colleagues will join the Rokita-Hastings' bill in order to help offer relief from higher student loan rates."

"More than 43 million Americans borrow money from the federal government for their education and the total is a whopping $1.3 trillion. This legislation has the promise to help all of these individuals. In the next decade it will also save nearly $20 billion in Federal student loan programs. This is a great step forward to help our students, past and present," added Rokita.

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