Senate to Vote on Warren Student Loan Bill

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We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Suzanne Martindale on Wednesday, June 11th, 2014

Millions of student loan borrowers are repaying loans with high interest rates – and that’s something that Senator Warren wants to change.

Last month, Senator Warren introduced the Bank on Students Emergency Refinancing Act, which would let current borrowers refinance their loans down to the lower rates Congress passed in 2013 for new loans.  It’s a common sense way to save borrowers thousands a piece over the life of their loans – and enable more individuals to put that extra money toward important purchases or investments that help the economy.

Consumers Union supports this bill, and has long advocated for more ways to make loans affordable.  The ability to refinance a loan to take advantage of lower interest rates is a no-brainer – if you can do it for an auto loan or a mortgage, why not for your student loans?

The Senate is supposed to vote on the bill TODAY – Wednesday, June 11 – so tell your Senators to vote for the bill by calling 866-220-0044!

Do your student loans have high interest rates?  Have you struggled to make payments each month?  If so, tell us in the comments.

{Update} 6/11/2014 2:00pm EST:

Bank on Students Emergency Refinancing Act Fails to Advance.

In a procedural vote  today in the Senate, S.B. 2292, the Bank on Students Emergency Refinancing Act championed by Senator Elizabeth Warren (D-MA) and President Obama, failed to advance.   A total of 60 Senators were needed to open debate on the bill but the measure fell short by four votes.  The final roll call were as follows: 56 Yea’s, 38 Nay’s.

As a result of the vote today S.B. 2292 is effectively tabled in the Senate.

According to a recently released report from the White House,  some 25 million people struggling with high interest rates on their public and/or private student loans will find relief should this measure  become law.

If you would like to know how your US Senator voted click here for the final roll call of the vote today.

What do you believe should be the next steps on the student debt crisis?

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