Pocan Introduces Student Loan Refinancing Bill

U.S. Rep. Mark Pocan (D-Wisc.) has introduced a bill that he says could make it easier to pay off college loans.

The proposal would allow anyone with a federal student loan to refinance in order to pay the lowest interest rate available, just like people can do for a house loan. He introduced the bill this week at his alma mater, the University of Wisconsin-Madison.

“This would allow people who get trapped in those higher rates or currently have high rates the ability to refinance and get a more affordable rate,” he says.

Pocan says money saved because of lower interest rates could be used to purchase a new car rather than a used one, or buy a house versus renting.

One Wisconsin Now, a progressive action group, stands behind the bill. Executive director Scot Ross said Pocan’s proposal is a common sense approach. “Why should student loans not be able to take advantage of lower interest rates?”

Pocan says he’s looking for support, specifically in the Senate, so that the legislation can be introduced in both houses. He thinks it will be a bipartisan bill.