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There are currently 40 million Americans with a total of $1.2 trillion in student debt
The good news: for the 2013-2014 school year, student loans had a low interest rate of 3.86%
The bad news: not everyone can take advantage of these historically low interest rates
Like students who went to school years ago and are STILL paying off their loans.
The higher interest rates keep people from being able to spend money on important things like cars or houses.
When this happens to people with any other kind of loan, they have lots of options to save money.
Like refinancing, where you replace your old loan with a new one at a lower interest rate.
But student loans are the only type of loans you can’t refinance.
If they had refinanced, student loan borrowers would have saved $14 billion in 2013…
...and generated $21 billion in economic activity.
Senator Elizabeth Warren recently proposed a solution that WOULD let you refinance student debt loans
Despite early pushback from some Senators,
both Senate Republicans and Democrats voted in support of the Warren bill, showing bipartisan support for the issue
The bill will be reintroduced in a few weeks, and if passed it would help 25 million Americans.
So we won’t give up, and we’ll keep fighting for everyone struggling with student loan debt.
Add your voice to the conversation...
...and help student loan refinancing become a reality!
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