CAPPS - Avocacy and Communication Professional Development

California Association of Private Postsecondary Schools

House Democrats Propose Student Loan Refinancing

04/10/2014

Inside Higher Ed. April 8, 2014.

Democrats in the U.S. House of Representative on Wednesday unveiled their response to the Republican 2015 fiscal year budget released last week by Representative Paul Ryan of Wisconsin.

The plan by Representative Chris Van Hollen of Maryland, the top Democrat on the House Budget Committee, would, among other things, authorize a student loan debt refinancing program and expanded loan repayment options.

The budget does not include any details about how those programs would be structured, but it would require them to not increase the deficit over the next 5 or 10  years. Both House budget proposals are largely symbolic political documents aimed at rallying voters in an election year, especially since Congress in December already agreed to top-line spending levels for the fiscal year that begins this October 1.

Education Secretary Arne Duncan is set to testify before the House appropriations panel to discuss the administration’s budget proposal on Tuesday.