Richard A. Fowler
WASHINGTON— Statement of AFT President Randi Weingarten on the introduction of the Bank on Students Emergency Loan Refinancing Act introduced by Sen. Elizabeth Warren (D-Mass.):
"Sen. Warren's bill would offer immediate relief to millions of American students and families saddled with exorbitantly high student loan interest rates by allowing them to refinance to lower rates. Students shouldn't face a double whammy of skyrocketing higher education costs and high interest rates that will lock them into debt even longer. It's also smart economics. Lowering interest on existing student loans would save borrowers $14 billion and add $21 billion to our recovering economy.
"Refinancing is already an option for consumers with car and home loans, and should be an option for all student loan borrowers. What better down payment on our future than to lower student loan debt, since it is now greater than all other debt aside from mortgages?
"The AFT strongly supports Sen. Warren's commonsense proposal, as it provides an essential building block to reclaiming the promise of higher education and ensuring that young people and their families aren't crushed by unfairly high interest rates on their student debt."