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Sarbanes Co-Sponsors the Bank on Students Emergency Loan Refinancing Act of 2015

March 19, 2015

Bill Would Help 481,000 Borrowers in Maryland Save an Average of $2,000 on Their Student Loans

WASHINGTON, D.C. – Congressman John Sarbanes, (D-Md) today announced his co-sponsorship of the Bank on Students Emergency Loan Refinancing Act of 2015, a bill that would allow borrowers with high interest rates to refinance their existing public and private student loans.

Currently, some borrowers face interest rates as high as 8 percent on their student loans. The Bank on Students Emergency Loan Refinancing Act of 2015 would allow borrowers to refinance their undergraduate student loans to an interest rate of 3.86 percent, saving an average of $2,000 over the life of each loan.

"Too many college graduates in this country struggle with the financial and emotional strain of student loan debt," said Congressman Sarbanes. "We owe these hard-working Americans the opportunity to reduce their student loan interest rates. After all, if borrowers today can refinance their home and auto loans, they should be able to refinance their student loans too."

The Department of Education estimates that 25 million borrowers across the country – including 481,000 borrowers in Maryland – would benefit from the Bank on Students Emergency Loan Refinancing Act of 2015.

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Issues:Education