Cortez Masto Introduces Legislation to Reduce Student Loan Payments

Statement

U.S. Senator Catherine Cortez Masto (D-Nev.) today joined Senator Elizabeth Warren (D-Mass.) in introducing legislation to allow eligible student borrowers to refinance their federal loans and ease their debt burdens. The Bank on Students Emergency Loan Refinancing Act would let borrowers locked in to high interest rates from the past take advantage of the historically low rates current new borrowers are eligible for.

"Nevadans carry tremendous student loan debt--an especially heavy burden to juggle in the middle of the economic fallout of the coronavirus pandemic. This bill would let borrowers paying high rates refinance at around half of their current interest rates, freeing them up to meet other financial obligations, pay down debt faster, or save for further education, a small business, or a home. I will keep working in the Senate to make sure education is affordable and accessible to all Nevadans, and to make sure that school doesn't lock Nevadans in to decades of crippling debt."

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