WASHINGTON, DC – Congressman Brian Fitzpatrick (PA-01) and Congressman John Garamendi (CA-08) introduced the bipartisan Student Loan Refinancing and Recalculation Act to address the ballooning student loan debt crisis facing over 40 million American students and their families.

The Student Loan Refinancing and Recalculation Act would allow students with federal loans to refinance their interest rates, lower future interest rates, eliminate origination fees on student loans, defer interest rate accrual for low-income and middle-class borrowers while they are pursuing their education, eliminate interest capitalization for federal student loans, and allow for borrowers in medical, dental, or veterinary residencies to defer payments until the completion of their program.

"To adequately prepare students for a 21st century job market, we need to revolutionize American education and job training. To do this, we must reduce barriers to educational opportunities and post-graduation success," said Congressman Fitzpatrick. "For too many, student loan debt is a crippling burden that impacts their involvement in our economy and achieving personal goals like owning a home, starting a family and supporting their community. The bipartisan Student Loan Refinancing and Recalculation Act is a step toward addressing this crisis."

"The price of a college education is too high for most Americans. The average 2023 graduate owes more than $37,338 in student loan debt with many borrowers owing much more. This mountain of debt prevents graduates from reaching important milestones such as starting a family, buying a home, or opening their own business," said Congressman Garamendi. "Our bill would help to relieve some of the debt burden faced by American students and their families, while ensuring that the federal government is not making a profit on the backs of our students."

The Student Loan Refinancing and Recalculation Act is endorsed by the Higher Education Loan Coalition, University of California, Academy of General Dentistry, American Dental Association, American Student Dental Association, American Association of Endodontists, American Academy of Periodontology, and American Veterinary Medical Association.