Rep. Kind Introduces Bill to Allow Wisconsinites to Refinance Student Loans
U.S. Rep. Ron Kind introduced the Bank on Students Emergency Loan Refinancing Act, which will allow Wisconsinites with outstanding student loans to refinance their loans. Allowing refinancing of student loans was a key point in Rep. Kind’s 2017 Higher Education Action Plan.
“One of the most common topics people bring up to me during my visits to small businesses, tech colleges, universities, and at listening sessions is the need to allow Wisconsinites to refinance student loans,” said Rep. Kind. “With far too many Wisconsin men and women paying their loans but not able to get ahead because of high interest rates, it is time to take action and allow people to refinance their student loans.”
The Bank on Students Emergency Loan Refinancing Act will allow students and former students with outstanding student loans at high interest rates to refinance their loans at 3.76% - the current interest rate for Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans.
Additionally, this proposal was a key tenant of Rep. Kind’s 2017 Higher Education Action Plan. When Congress reauthorizes the Higher Education Act, later this year, Rep. Kind will work to get this included in the larger bill.