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THURSDAY, MAY 25, 2017

Rokita, Hastings are Lifting the Burden of Student Loans

Introduces new bipartisan bill to help refinance loans

Washington, D.C.—Congressman Todd Rokita (R-IN) and Congressman Alcee Hastings (D-FL) are helping lift the burden of student loans by introducing a new bill that will help parents and students refinance loans at lower interest rates and alleviate their financial burden.

“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.”

With this new bill, many Americans will have the opportunity to refinance their loans and take advantage of lower market rates. The bill will also eliminate service contracts and it reduces default costs that are paid by taxpayers.

“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.  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.  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.  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,” said Congressman Alcee L. Hastings (D-FL).

“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,” concluded Rokita.

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