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Young Invincibles’ Statement on the Reintroduction of the Bank on Students Bill


March 18, 2015

Young Invincibles’ Statement on the Bank on Students Emergency Loan Refinancing Act of 2015

Bill Would Allow Student Loan Borrowers to Refinance Their Loans, Potentially Saving Them Thousands of Dollars Over the Life of Their Loan

[WASHINGTON]—Today, the Bank on Students Emergency Loan Refinancing Act was reintroduced in Congress. The bill would give student loan borrowers with eligible federal and private student loans the opportunity to refinance their debt at today’s lower interest rates, and would extend immediate relief to over 25 million student loan borrowers.

“In the year that has passed, nearly a million additional student loan borrowers have fallen behind on their payments. And, with one in seven students defaulting on their debt within a few years of graduating, this bill marks yet another opportunity for Congress to bring some much-needed, immediate relief to struggling student loan borrowers across the country,” said Jennifer Wang, Policy Director of Young Invincibles. “Our $1.2 trillion dollars in student debt risks the long-term financial security of Millennials and stifles our generation’s ability to contribute to the economy in the years to come.”

Young Invincibles has the following priorities for reforms to our higher education system:

  • Bolstering the Pell Grant 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
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