Rokita Introduces New Bipartisan Bill to Help Refinance Private Loans

WASHINGTON, D.C.—Congressman Todd Rokita (R-IN) and Congressman Alcee
Hastings (D-FL) are helping lift the burden of student loans by
introducing a new bill that will help parents and students refinance
loans at lower interest rates and alleviate their financial burden.

“We are putting money back in students’ pockets,” said Congressman Todd
Rokita. “Student loans are a burden for millions of Americans, but with
our new legislation we will be able to help alleviate that burden by
making it easier to refinance loans at a lower interest rate. We are
creating flexibility that will help yesterday’s, today’s, and future
students.”

With this new bill, many Americans will have the opportunity to
refinance their loans and take advantage of lower market rates. The bill
will also eliminate service contracts and it reduces default costs that
are paid by taxpayers.

“Interest rates on new federal student loans are approximately 3.8
percent.  However, there are millions of American’s that are stuck with
student loans from the past with much higher interest rates, which takes
years to pay off.  That is why I joined my colleague, Congressman Todd
Rokita, in introducing the _Student Loan Lower Interest Rate and Lower
Monthly Payment Refinancing Act of 2017. _This bipartisan bill will help
facilitate quicker student loan debt reduction and help millions of
Americans.  I believe that in Congress we should be doing more to work
across the aisle on bipartisan measures to address the many issues
facing this nation.  Student debt is one of those critically important
issues.  It is my sincere hope that my colleagues will join the
Rokita-Hastings’ bill in order to help offer relief from higher student
loan rates,” said Congressman Alcee L. Hastings (D-FL).

“More than 43 million Americans borrow money from the federal government
for their education and the total is a whopping $1.3 trillion. This
legislation has the promise to help all of these individuals. In the
next decade it will also save nearly $20 billion in Federal student loan
programs. This is a great step forward to help our students, past and
present,” concluded Rokita.

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