img;

New Student Loan Legislation Fails to Pass

Senator Elizabeth Warren (D-Mass.) recently proposed a bill called the “Bank on Students Emergency Loan Refinancing Act” that would permit student loan borrowers to refinance their existing loans for new loans with lower interest rates. The goal of the legislation was to potentially save graduates thousands of dollars. The White House announced that President Barack Obama supported the proposal, but it wasn’t enough to get the bill passed.
Facebook
Twitter
LinkedIn

Table of Contents

Senator Elizabeth Warren (D-Mass.) recently proposed a bill called the “Bank on Students Emergency Loan Refinancing Act” that would permit student loan borrowers to refinance their existing loans for new loans with lower interest rates. The goal of the legislation was to potentially save graduates thousands of dollars. The White House announced that President Barack Obama supported the proposal, but it wasn’t enough to get the bill passed.

Senator Elizabeth Warren (D-Mass.) recently proposed a bill called the “Bank on Students Emergency Loan Refinancing Act” that would permit student loan borrowers to refinance their existing loans for new loans with lower interest rates. The goal of the legislation was to potentially save graduates thousands of dollars. The White House announced that President Barack Obama supported the proposal, but it wasn’t enough to get the bill passed.

The financial industry opposed Warren’s bill. Allowing graduates to refinance their student loans would result in the loss of future interest income. Republicans reportedly also oppose the bill because Democrats are looking to increase taxes on the wealthy in order to offset the loss of future federal revenue.

Without Republican support, the bill did not pass and become law, failing by a vote of 58-38. Senators Susan Collins (R-ME), Bob Corker (R-TN), and Lisa Murkowski (R-AK) were the only Republicans to vote for the bill.

You can expect to see pressure put on Congress regarding the student loan issue, which is important to millions of individuals across the country. Our country is facing $1.3 trillion of student loan debt, making it the second largest form of consumer debt behind mortgage loans.

Lawmakers are making the issue of student loan debt one of their primary platforms for November’s elections. Regardless, both Democrats and Republicans can surely agree that something must be done to address the overwhelming amount of student loan debt in America.

Please keep in mind that every matter is different. If you have questions about your student loan debt, and you would like to schedule a no-cost consultation to discuss your options, please contact our office by completing the form on this website or calling us at 954-466-0541.

Related Posts

"List of Non-Dischargeable Debts in Bankruptcy" from LSS Law, bankruptcy attorneys in Miami and Fort Lauderdale.
List of Non-Dischargeable Debts in Bankruptcy
To ensure that nondischargeable debt is handled properly, it is imperative to consult with a qualified...
Having Financial Stress? 9 Things to Avoid.
Having Financial Stress? 9 Things to Avoid
Bankruptcy attorneys in particular can provide legal advice and assistance with filing for bankruptcy...
Solution-sign-173px-wide
Defaulted Federal Student Loans – Consolidation and Other Options
Generally, if your federal student loan is between 1 and 270 days late, it is “delinquent” (other than...
Maze-picture
Types of Student Loans
The world of student loans can be confusing. There are different types of student loans and it is important...
Schedule Your Business Bankruptcy Strategy Session

Claim Lead Magnet Form Submission

Signs user up for long term narture compaign
If you are considering filling for bankruptcy , this would be the firm to use! Jonathan is very experienced as well as all of his team, Specially Anne ! They made the process very easy and my case was approved due to their help and expertise! I am very grateful to have had them representing me !
Xime Basa
Xime Basa
2023-09-28
I highly recommend LSS Law. No complaints. Jonathan, Ann, and Maria were very professional and clear in all our communications, which makes everything really easy.
Donald Galindo
Donald Galindo
2023-09-05
Great service. Friendly and helpful staff. Highly recommend.
Al La
Al La
2023-03-29
Jonathan and Anne were wonderful and I thank you for helping me with my new beginning.
ADRIANNE SURRENCY
ADRIANNE SURRENCY
2023-03-29
I had a wonderful experience with Jonathan Leiderman at LSS Law. Not only is he well experienced, but he is also very patient and supportive throughout a tough time. I appreciate that he takes such a hands-on approach where there is no going through office staff and waiting for a reply. He deals with you one-on-one, and he is your single point of contact. He takes time to answer all your questions and takes the time to ensure that you understand every aspect. He is highly communicative and does so in a timely manner.... I always got a response within minutes or hours, at the latest 24 hours. I don't know how he does it all, but I am grateful that I had him to represent me! I highly recommend Jonathan and LSS Law!
Jewel Nicholson
Jewel Nicholson
2023-02-16
Jonathan Leiderman did a phenomenal job representing me and taking on my case. His knowledge, experience, and diligence quickly became apparent through his work product and the correspondence that he maintained with me. Furthermore, he was always quick to answer my questions and put my mind at ease during the entire process. Jonathan and LSS Law will forever have my gratitude and I highly recommend their services to anyone who is in need of them.
Ali
Ali
2023-02-06
I am really greatful to attorney Jonathen Leiderman for patiently working with me through a very stressful period of ambivalence, and then towards resolution of a difficult predicament. His professionalism and empathy were exceptional. I would recomend him to all who need similar services.
Peter G
Peter G
2022-04-04
Excellent company to work with providing timely advice and guidance. Went above and beyond in assisting our company with an out of state bankruptcy issue
Diane Artioli
Diane Artioli
2021-10-08
This company was very professional, sympathetic and very reasonably priced.
Kemel Gajraj
Kemel Gajraj
2021-09-13

Hear From Our Clients

Google Reviews

Contact us for your Strategy Session

When you’re ready to take the next steps toward a secure and successful future, please get in touch with our team for your Strategy Session.

News Form
Scroll to Top

Claim Lead Magnet Form Submission