A Wisconsin congressman is reintroducing a bill in the U.S. House of Representatives that he says will help Americans who are overwhelmed by student loan debt.
As we have reported in past posts, student loan debt is a serious problem that is weighing down countless college graduates in the state of Wisconsin and the rest of the county. In fact, two years ago, student loan debt topped credit card debt for the first time ever.
The new bill, which would treat student loan debts like mortgages by allowing debtors consolidate their loans and refinance their debt at lower interest rates, was first introduced last spring.
Ultimately, Rep. Ron Kind said he believes it is only fair that the federal government, which finances most student loans, starts treating student debtors like it does banks on Wall Street with “rock-bottom [interest] rates.”
“I think if it’s good enough for the Wall Street banks, it should be good enough for our students throughout the country to ease the financial burden to afford school,” the lawmaker said in a statement.
Young people aren’t the only ones who are struggling with student loan debt. Student loans burden older Americans, too, whether it is their own student loan debt or Parent Plus loans that they took out on behalf their children or grandchildren.
If you are having problems paying off student loan debt, our firm can help. Although it is not usually possible to have student loan debt forgiven in bankruptcy, as we discussed here, there are other options available to help you get on the right track financially.
Source: WSAU, “Congressman Kind to reintroduce student debt legislation,” Larry Lee, Jan. 12, 2015
