Student Loans: Federal Legislation is Proposed to Lower Outstanding Interest Rates to 3.86%

Right now, filing bankruptcy does little to alleviate the burden of Student Loan debt, aside for temporarily deferring monthly payment requirements.  Student loan debt is preventing young people from buying homes because they cannot afford to make student loan payments and  mortgage payments.

Here is some potential relief to those who now owe student loans with a high rate of interest:

U.S. Senator Dick Durbin (D-IL) joined U.S. Senators Elizabeth Warren (D-MA) and U.S. Senator Jack Reed (D-RI) today introducing the Bank on Students Emergency Loan Refinancing Act, which would allow those with outstanding student loan debt to refinance at the lower interest rates currently offered to new borrowers. Durbin, Warren, and Reed have been working together on efforts to build broad support in the Senate for legislative action to reduce new student loan debt and make it easier for millions of working families to manage the student loan debt they already have.

Many borrowers with outstanding student loans have interest rates of nearly 7 percent or higher for under U.S. Senator Dick Durbin (D-IL) joined U.S. Senators Elizabeth Warren (D-MA) and U.S. Senator Jack Reed (D-RI) today introducing the Bank on Students Emergency Loan Refinancing Act, which would allow those with outstanding student loan debt to refinance at the lower interest rates currently offered to new borrowers. Durbin, Warren, and Reed have been working together on efforts to build broad support in the Senate for legislative action to reduce new student loan debt and make it easier for millions of working families to manage the student loan debt they already have.

For the rest of the article, please click:

U.S. Senate Press Release

If you are interested in lowering student loan interest rate, please contact your Senator as this looks like a good bill that should become law.

Attorney Ken Jorgensen is located in Clovis, California.  He handles personal, property and business disputes, including bankruptcy and eviction cases in California.  You can find out more about Ken on Facebook, or at his websites, www.fresnolawgroup.com and www.fresnobankruptcylawgroup.com.  He can be reached at [email protected] or by telephone at 1-559-324-1882.
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