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Student loan refinancing bill dies in U.S. Senate

U.S. Sens. Richard Blumenthal and Chris Murphy (Hugh McQuaid file photo)
U.S. Sens. Richard Blumenthal and Chris Murphy (Hugh McQuaid file photo)

HARTFORD, Conn. – Legislation pushed by Connecticut’s U.S. senators to allow former college students to refinance their loans failed Wednesday to clear the 60-vote threshold needed to pass the Senate.

The bill would have allowed people paying high interest rates on existing student loans to refinance their debt at current student loan rates, which were lowered by legislation passed last year. It relied upon the elimination of tax breaks for some upper income households in order to fill the revenue hole that would be created by lower-than-expected returns.

The bill failed on a 56-38 vote Wednesday morning.

U.S. Sen. Chris Murphy, who cited his own lingering college debt while trying to shore up support for the bill, blamed Republicans in Congress for obstructing the legislation.

“Allowing students to refinance their loans will make college more affordable for millions of people, plain and simple. But despite that, Republicans have yet again blocked another piece of legislation that would help strengthen the middle class, level the playing field, and shrink the income gap that continues to persist in this country,” Murphy said in a press release.

See the complete story at CT News Junkie.

Comments

2 responses to “Student loan refinancing bill dies in U.S. Senate”

  1. Norewalk Lifer

    Yes, we need another world war, another big one like WWII, so all those who survive can return and go to school on the GI bill, Remember, those soldiers who returned, came back went to school, and helped us land on the moon, but today? don’t give a student a break, don’t try to better the future for all, just keep those tax breaks for the rich in sacred bond, because we all know the very rich in this country understand that real American success is all about the almighty dollar. It has nothing, not a thing to do with a “more perfect union”.

    Regards
    Norwalk Lifer

  2. One and Done.

    Meanwhile at 1600 Pennsylvania Ave, the President has a phone and a pen and is making laws on his own that will help further distort the financial markets and further reduce economic opportunities for the very graduates he pretends to care about..
    .
    This law that didn’t get through the Senate is a campaign prop and was never meant to pass as real legislation. It is a cynical device that they can use to further divide us.
    .
    Blumenthal is a failure and Murphy is a deadbeat. Paying the guy $200k a year for part time work and he can’t pay down his student loan bills. Ridiculous.
    .
    One and Done.

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