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Young Invincibles Lauds Bill Enabling Student Debt Holders to Refinance


May 6, 2014

Contact: Sarah Lovenheim,, 202.734.6536

Contact: Colin Seeberger,, 214.223.2913

Young Invincibles’ Statement on the Bank on Students Emergency Loan Refinancing Act

Bill Would Allow Student Loan Borrowers to Refinance Their Loans, Potentially Saving Thousands of Dollars Each Year

[WASHINGTON]—Today, Senator Elizabeth Warren, together with 23 Senate cosponsors, introduced the Bank on Students Emergency Loan Refinancing Act. The long-awaited bill would give student loan borrowers with eligible federal and private student loans an opportunity to refinance their debt at the lower interest rates that Congress agreed to last year. If passed, borrowers who refinance their private student loan debt would have access to federal student loan program protections. Representatives Miller and Tierney will introduce a companion bill in the House today.

“We applaud Senator Warren, Representatives Miller and Tierney, and their numerous cosponsors for working to provide immediate relief for millions of existing student loan borrowers who struggle with high interest rates and unmanageable monthly payments,” said Jennifer Mishory, executive director of Young Invincibles. “This bill could save some borrowers thousands of dollars and provide millions with a pathway out of debt.”

“With total student debt exceeding $1.2 trillion, now is the time for bold solutions. By allowing student loan borrowers to refinance just like mortgage holders, this proposal would help reduce the burden of mounting student debt. Congress should follow Senator Warren’s leadership and act swiftly to help struggling borrowers. It must not stop there, however, and should also address the problem of rising college costs during the Higher Education Act reauthorization.”

In a recent letter to House Education & the Workforce Chairman John Kline (R-MN) and Ranking Member George Miller (D-CA), Young Invincibles recently detailed its priorities for the reauthorization of the Higher Education Act. These proposals include:

  • Bolstering the Pell Grants by making funding mandatory
  • Simplifying the Federal financial aid system
  • Reforming the Federal Work Study program
  • Providing students with additional data to ensure they’re making well-informed decisions
  • Providing relief to private loan borrowers
  • Promoting innovation in higher education


Young Invincibles is a national organization committed to amplifying the voices of young adults, ages 18 to 34, and expanding economic opportunity for our generation. Young Invincibles ensures that young adults are represented in today’s most pressing societal debates through cutting-edge policy research and analysis, and innovative campaigns designed to educate, inform and mobilize our generation to change the status quo. Follow us on Twitter at @YI_Care.