Student loans are unlike any other type of loan that exists in the United States. For example, if you purchase a house and take out a mortgage at a fixed rate, you can refinance your mortgage by paying off the old mortgage and getting a mortgage note at a lower interest rate or shorter period of time. Unfortunately, you can’t do the same with student loans!
U.S. Senators Are Proposing Legislation To Give College Graduates The Ability To Refinance Student Loans
Members of the United States Congress, including United States Senator Kirtsen Gillibrand, have recognized that most college graduates are burdened by student loans and are struggling to repay the debt.
In fact, she noted that National student loan debt surpasses auto loan and credit card debt and that graduates are having a hard time paying off the loans.
Senator Gillibrand and Senator Warren have proposed legislation in the past to permit graduates to refinance their loans at a lower interest rate. While the legislation hasn’t passed, we applaud their ongoing effort and urge the United States Congress to address this ongoing issue of crushing student loan debt!
How You Can Control Your Student Loan Debt
Research by the Pew Research Center revealed that Americans under 40 who graduated college without student loan debt have seven times the net worth, nearly $65,000.00 of those who have student loan debt at $8,700.00. The study also shows that households with student debt are more likely to have car debt and credit card debt. There are many ways of “getting rid” of your student loan debt over time, including placing your federal student loans in an income driven based repayment plan.
Call Student Loan attorney, Nancy L. Cavey who can prepare a road map for your financial future. Call today at 727-828-9955, for a complimentary consultation.