WASHINGTON, D.C. – At a press conference today with young Americans struggling with student loan debt, U.S. Sen. Dick Durbin, D-Ill., discussed actions Congress could take this week to help ease their burden.
On Wednesday, the Senate will hold a procedural vote to open debate on the Bank on Students Emergency Loan Refinancing Act.
That bill would allow those with outstanding student loan debt to refinance at the lower interest rates offered to new borrowers this past academic year. If passed, over one million Illinoisans could refinance their student loans.
“Life is about choices. Each of us have made a choice on education, like where we’re going to go to school, what we’re going to study, and how much debt we are going to get into. There’s a choice to be made on the Senate Floor tomorrow morning, and it’s a choice that really is pretty stark,” Durbin said. “Students have found themselves so deeply in debt their lives are compromised. They can’t make the decisions they need to make. This bill is a step forward. There’s more to do, but this is the right step. We’re going to make a choice tomorrow and those of us who are here are going to choose to help college students and their families.”