(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) welcomed news today that will help address the student debt crisis that is hurting the economy and family budgets across the country. This afternoon it was announced that the President will take many steps through Executive Order to ease the impact of student loan debt on borrowers, including a provision championed by Shaheen in her Simplifying Access to Student Loan Information Act that would encourage innovative methods of outreach and communication with borrowers to help them better identify solutions to pay off their student loan debt. The announcement comes days after Shaheen wrote to the President calling for administrative action on the growing student loans crisis.
“We have to make college more affordable but also help students better manage their debt after they graduate,” Shaheen said. “Excessive student loan debt is a significant drag on the economy, keeping many young people from buying a home or even providing for their families. Today’s news is a welcome first step but the fact is we have to do more, including passing our plan to let students refinance their loans.”
Student loan debt has hit New Hampshire particularly hard with 74 percent of graduates leaving school with an average balance of nearly $33,000 and nationally, student loan debt tops $1 trillion according to the Consumer Financial Protection Bureau. The Bank on Students Emergency Loan Refinancing Act would allow those with outstanding student loan debt to refinance at lower interest rates currently offered to new borrowers. The legislation was introduced last month with Shaheen’s support as a co-sponsor and a modified version of the bill is scheduled for floor action in the Senate later this week.