Washington, DC – Today Senate Republicans filibustered a bill that would have allowed millions of student loan borrowers to refinance their loans at lower interest rates. U.S. Senator Sheldon Whitehouse (D-RI), a cosponsor and author of a key provision of the bill, issued the following statement on the GOP’s decision to reject the legislation:
“Republicans showed today that they care more about preserving tax cuts for billionaires than they do about helping struggling student loan borrowers. This filibuster was a major setback for the millions of students and graduates burdened by overwhelming levels of debt—debt which can consume paychecks and delay important family milestones like buying a home. I will keep fighting to lower payments for these borrowers, and to give middle-class families a fair shot at economic security.”
The Bank on Students Emergency Loan Refinancing Act, S. 2432, would have allowed student loan borrowers – including an estimated 88,000 Rhode Islanders – to refinance their loans at lower interest rates available to current borrowers. This debt relief would have been paid for by implementing Senator Whitehouse’s Buffett Rule legislation, which would require multi-million-dollar earners to pay a fair share in taxes.
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