WASHINGTON, DC – Congressman Brian Fitzpatrick (PA-01), along with Congressmen Mike Turner (OH-10), Donald Norcross (NJ-01), and Lloyd Doggett (TX-37), introduced the bipartisan Student Loan Refinancing Act. This bipartisan legislation would amend the Higher Education Act of 1965 by creating a pathway for federal student loan holders to refinance their loans while still remaining public borrowers. 

“Our nation’s student loan crisis is unsustainable and should not be a partisan issue in Congress,” said Congressman Fitzpatrick. “The commonsense, common-ground legislation we are introducing today would give borrowers the ability to refinance their loans at lower interest rates. I am grateful to partner with my colleagues on both sides of the aisle on the Student Loan Refinancing Act to ensure that American families and borrowers have more flexibility as they work to pay back their loans.”

“The student debt crisis in this country continues to worsen, and it is time for Congress to provide common-sense, reliable solutions to this problem,” said Congressman Turner. “Individuals should be able to keep their loans within the federal system while also taking advantage of lowered federal interest rates. This bipartisan legislation provides flexibility for borrowers by creating a mechanism to refinance their public student loans to a given year’s interest rates, thus easing the burden of student loans on federal borrowers.” 

"Everyone should have access to an affordable education that does not leave them with crushing debt,” said Congressman Norcross. “I’m proud to join my colleagues in introducing this bipartisan bill that allows borrowers to take advantage of low-interest rates in the federal system. Reducing the burden of student loan debt will help South Jersey families, grow the middle class, and make college more accessible for everyone.”

“Crushing student loan debt is preventing Americans from buying homes, starting families, and even saving for retirement,” said Congressman Doggett. “Congress must do more to deliver relief. It’s unacceptable that a borrower seeking to refinance their federal loans must convert to private loans and potentially jeopardize their income-driven repayment plans and other assistance. The Student Loan Refinancing Act ensures that borrowers are not punished for seeking the lowest interest rate possible on their federal student loans. Hopefully, this legislation will relieve some of the overbearing weight of debt.”

Read the text of the bill HERE.