Hillary Clinton Voices Support for Minnesota’s New Student-Loan Refinancing Initiative

[brooklynite]

Hillary Clinton Voices Support for Minnesota’s New Student-Loan Refinancing Initiative

As part of her campaign’s commitment to tackling the skytrocketing costs of higher education, making sure that students who start college can finish with a degree, and relieve the crushing burden of student debt, Hillary Clinton supports Minnesota’s new student-loan refinancing initiative. Under their recently announced new initiative, the SELF Refi program, a college graduate with $40,000 in student loans at 8 percent interest rate could save as much as $200 per month. Minnesota ranks fifth nationally in the average amount of college-loan debt carried by residents. Minnesotans have an average of nearly $32,000 in outstanding loans, according to the Project on Student Debt.

“I applaud Minnesota for taking bold steps towards ensuring that debt won’t hold Minnesotans back,” said Hillary Clinton. “If you can refinance your mortgage or your car loan, you should be able to refinance your student loan too. Under my New College Compact plan, we’ll enable you to refinance your loans and make it easier for you to enroll in income-based repayment programs, help borrowers who are in default get back on their feet to meet their obligations, and cut your interest rates so the government never profits from your loan.”

Hillary Clinton announced her own plan several months ago - the New College Compact. The New College Compact could save Graduates with Debt Thousands through Refinancing.

Students and families in Minnesota originated $3.1 billion in debt last year. Clinton’s plan could benefit a student who borrowed a cumulative total of $30,000 in direct loans at a higher rate of 6.8% in prior years:

· Borrower could repay up to $4,000 less in interest over the life of the loan.
· Monthly payment could fall by as much as $33 – or $400 over the year.

[1StrongBlackMan]

1. That sounds GREAT! eom.

[katsy]

2. Drip drip drip

If America provided plentiful well paying jobs, retirement security, sensible health system, maybe this would fly.

As it is, who is this going to help really? A few of the lucky grads that break thru and succeed? Yes. But this isn't a serious solution when our working families are in deep shit at every turn.

America has deep deep economic structural problems. Beginning with the loss of our manufacturing sector. This? Bandaid politics. If there were opportunities for grads the $4k in savings would be fine. $4k savings when u have to live at home anyway and the only job you can get is min wage... Well that's a fucking joke.

How will she keep costs down at state colleges without lowering the quality of education? Any plans? How can free trade be tweaked to make it more fair? Why can fucking capitalists declare bankruptcy because of mismanagement, get every fucking debt forgiven or pay pennies on the dollar of the debt but kids can't declare bankruptcy and get a clean slate? I mean local businesses screw working men & women contractors out of their fees and restructure their businesses and lives. Why don't our kids rate clean slates?