Pallone and Rutgers Students Discuss Solutions for Families facing Student Loan Debt
NEW BRUNSWICK, NJ– Today, at Rutgers University Congressman Frank Pallone, Jr. (NJ 06) discussed reforms to assist New Jersey families facing $31 billion in student loan debt. New Jersey currently ranks 9th in the nation in average student loan debt with $30,536 owed by the average student borrower. Families also face tremendous burdens in dealing with student debt, including financial organizations pursuing student loan payments from the families of students who have deceased. Rutgers students joined Pallone to tell their stories and provide ideas for making college more affordable.
“To succeed in the 21st century economy young Americans needs to have access to higher education,” said Pallone. “However, too many New Jersey families face daunting student loan bills and financial institutions unwilling to provide flexibility for those facing hardships. I am thankful to Rutgers and its students for providing insights on how to make the student loan system fairer and more accessible and I will be bringing those ideas to my colleagues in Congress.”
Congressman Pallone is already the cosponsor of HR 1434, the Bank on Students Emergency Loan Refinancing Act, which would allow undergraduate borrowers repaying private or public student loans to refinance those loans to an interest rate of 3.86 percent. He is also currently working on legislation to protect student borrowers and their families from aggressive tactics HESAA and other lenders have used to collect student debt, which include pursuing payments even after the death of the borrower.