Sep 30, 2015 7:57 PM
U.S. Senators Kelly Ayotte of New Hampshire and Shelley Moore Capito of West Virginia, both Republicans, introduced the Student Loan Relief Act of 2015 on Wednesday. It would allow borrowers to refinance their federal student loans in the private market to get lower interest rates much like you would to refinance your mortgage.
New Hampshire has the highest average student loan debt in the nation at $32,795, according to the Institute for College Access & Success. In 2013 76 percent of Granite State college seniors graduated with student loan debt.
According to the Congressional Budget Office, the federal government will make a $47.2 billion profit off of student loans over the next 10 years. In 2014 alone, 17 percent of these federally-backed loans were delinquent or in default, and from 1988 to 2013 people who consolidated their student loans have interest rates as high as 8.25 percent.
Currently these loans are at fixed interest rates with little ability to refinance. The student loan relief act would give the Department of Education the authority to facilitate refinancing in the private market. It would also provide a government loan guarantee for refinanced loans, and qualified people could repay student loans with pre-tax dollars.
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