Today, Senator Elizabeth Warren hosted a community call, which discussed her Bank on Students Emergency Loan Refinancing Act.
The bill lets qualified borrowers refinance existing public and private loans to the same lower rates that Congress agreed on last year for new federal loans.
If passed, it should give borrowers the ability to refinance at around 4%, depending on the loan type.
What Happens Next
The Senate is going to have another vote on Bank on Students next week, and Senator Warren is seeking help in encouraging votes.
If you’re interested in seeing this happen, here’s what you can do:
1. Talk to your senators – from either the state you live in, or the state you go or went to school in. Call their offices and tell them your story, or the story of your friends or family.
If they voted for the bill, ask them to keep fighting for you. If your senator voted against the bill, urge them to support the Bank on Students Act.
2. Raise your voice online. Talk about it on Facebook or Twitter. Find out how your Senators voted and tweet them here. Follow and use #itsourinterest to be part of the national conversation.
3. Contact Higher Ed Not Debt to learn about events in your community. They have the tools and resources to help you speak out about why lowering student loan interest rates is important.
About Your Loans
Most importantly, before trying to make a change at a national level, make sure your loans are taken care of, first.
Set up a free consultation with me to get clear on your loans, your best options and how to build your easiest possible repayment strategy.
It’s my (very rewarding) job to point you in the right direction!