Congresswoman Lucille Roybal-Allard (CA-40) has signed on as a cosponsor of the Bank on Students Emergency Loan Refinancing Act (H.R. 4582). This bill will enable students who took out public or private student loans before 2013 to refinance those loans to the lower rates provided to students under last year’s Bipartisan Student Loan Certainty Act.
“I’m cosponsoring the Bank on Students Emergency Loan Refinancing Act because it will help millions of Americans who are struggling to make ends meet in the face of crushing student loan debt,” said Rep. Roybal-Allard. “The average student loan debt today is $30,000. For many graduates, it can take a decade or more to pay back that debt.”
“Nobody should be denied the chance to pursue a college degree because it’s too expensive. Higher education is the greatest investment you can make in yourself, and this bill will help us to make that investment more affordable for everyone.”
The bill will refinance undergraduate education loans to 3.86%, graduate education loans to 5.41%, and parental loans for their children’s educations to 6.41%. The cost of refinancing these loans will be offset by implementing the “Buffett Rule,” which will ensure that millionaires and billionaires pay at least 30% of their income in taxes.
H.R. 4582 has been introduced by Reps. John Tierney (D-MA) and George Miller (D-CA). A companion Senate bill has been introduced by Sen. Elizabeth Warren (D-MA).