Walz Pushes for Action on Student Loan Debt

Press Release

Today, Representative Tim Walz pushed for action on unacceptably high levels of student loan debt, asking for a vote on H.R. 1434, the Emergency Loan Refinancing Act.

"As a teacher, I know how important education is to our future and our economic growth. With crippling debt, students are unable to buy a home, start a family, start a small business or pursue their passions. Opportunity and hard-work are the cornerstones of the American Dream. After working hard to achieve academic success, students should not be so burdened by debt that they cannot reach for those opportunities."

Last year, U.S. students were more than $1.3 trillion in debt for their college education. Interest rates for student loans are often far higher than other loans. Unlike other forms of debt, a student loan cannot be refinanced as interest rates drop. The Bank on Students Emergency Loan Refinancing Act (H.R. 1434) will allow students to refinance their loans at more affordable rates.

This week, Rep. Joe Courtney of Connecticut filed a discharge petition in the House. If 218 Members sign the discharge petition, under House rules, the legislation would be brought up for a vote.

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