Senate Dems plan to push student loan refinance bill

 

McClatchy Washington Bureau

Senate Democrats next week are expected to bring up a bill that would allow borrowers to refinance student loans at lower interest rates.

Sen. Elizabeth Warren, D-Mass., introduced the legislation in May.

At a hearing of the Senate Budget committee on Wednesday, Nancy Hoover, the director of financial aid at Denison University in Ohio, supported the legislation. She testified that Warren’s “Bank on Students Emergency Loan Refinancing Act” would help students who have loans that they took out when interest rates were higher. They also could consolidate loans, so they don’t have to make more than one payment per month and deal with more than one loan servicer. Hoover said the changes would reduce the risk of defaults.

White House spokesman Josh Earnest told reporters on Wednesday that President Barack Obama supports the legislation. He said the president planned an event at the White House on student loans on Monday.

Warren and six Democratic women in the Senate _ Barbara Mikulski of Maryland, Dianne Feinstein of California, Patty Murray of Washington, Debbie Stabenow of Michigan, Tammy Baldwin of Wisconsin and Mazie Hirono of Hawaii _ held a press conference on Wednesday to speak in support of student loan refinancing.

Murray said that Warren’s bill was part of Democrats’ efforts to improve economic conditions for women.

“The overwhelming weight of student loan debt can have lasting consequences, as young people try to start their careers, set up households, and save for retirement,” she said. “And for women, because of the gender pay gap, it can be even more difficult to pay down student loans.”

Read more Politics Wires stories from the Miami Herald

  •  
Senate Veterans’ Affairs Committee Chairman Sen. Bernie Sanders, I-Vt., right and House Veterans’ Affairs Committee Chairman Rep. Jeff Miller, R-Fla., take the stairs to a news conference on Capitol Hill, in Washington, Monday, July 28, 2014, about a bipartisan deal to improve veterans' health care that would authorize at least $17 billion to fix the health program scandalized by long patient wait times and falsified records covering up delays.

    Miller faces sales job on $17B VA health care bill

    Rep. Jeff Miller's background as a real estate broker will come in handy as the Florida Republican tries to a sell a $17 billion veterans health care bill to a GOP caucus that includes tea party members dead set against raising the deficit.

  •  
President Barack Obama awards the 2013 National Humanities Medal to Ellen Dunlap of the American Antiquarian Society, Worcester, Mass., during a ceremony in the East Room at the White House in Washington, Monday, July 28, 2014.

    Obama going to dinner as clock ticks toward recess

    President Barack Obama is taking four Kansas City residents out to dinner to chew over the concerns of heartland Americans, with little time remaining for action on pressing issues before Congress begins its August recess.

  • Senate to vote on highway money as deadline looms

    The Senate is set to take up legislation to keep federal highway money flowing to states, with just three days left before the government plans to start slowing down payments.

Miami Herald

Join the
Discussion

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Miami Herald uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here.

Have a news tip? You can send it anonymously. Click here to send us your tip - or - consider joining the Public Insight Network and become a source for The Miami Herald and el Nuevo Herald.

Hide Comments

This affects comments on all stories.

Cancel OK

  • Marketplace

Today's Circulars

  • Quick Job Search

Enter Keyword(s) Enter City Select a State Select a Category