Sen. Franken: Student debt reforms will help graduates and the economy

U.S. Sen. Al Franken says that reducing student debt and lower college costs is good not just for graduates and their families, but also for the nation’s economy.

In an op-ed he wrote for credit.com, he says:

Addressing college affordability will not only make college accessible to more Americans, but it will also help more young graduates start a business sooner, buy a home earlier and start a family — things far too many young people have been forced to delay because of being saddled with college debt. That’s not only good for those graduates, but is enormously beneficial to our economy.

Franken said he’s got some legislation in the works to help:

  • I joined Sen. Elizabeth Warren from Massachusetts in introducing the Bank on Student Emergency Loan Refinancing Act…[that] will allow borrowers to take advantage of lower interest rates and refinance their student loans.
  • [A bill with] Republican Sen. Chuck Grassley of Iowa that would help students and families better understand college costs before taking on debt…[by making] online cost-calculation tools more user-friendly in order to give students and their families a better estimate of college expenses before they decide where to apply.
  • Sen. Grassley and I have another bill that will require schools to use a universal financial aid letter…[to] make sure that students and their families get uniform information so they can make apples-to-apples comparisons between what the different schools are offering.

Comments (2)

  1. Submitted by Tom Anderson on 05/29/2015 - 01:50 am.

    And just who

    Made it illegal to refinance student loans? And how about a law saying that college isn’t for everyone and touting options other than 4-year degrees that cost less, require less time in school, and allow a person to gain meaningful employment sooner at a decent wage?

  2. Submitted by Dennis Wagner on 05/31/2015 - 09:47 pm.

    Agreed

    It should be a crime the way school loans are used to lock folks into financial slavery for 1/2 their life. Ironic legal financial slavery, give your life for your country, but you are too young to have a cold one!

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