Senate Democrats Call For Vote On Student Loan Bill

The bill would provide relief for those facing large amounts of student debt

Shaun Plum
MoneyTips Contributor

Borrowing Student Loans

Senate Democrats Call For Vote On Student Loan Bill
September 16, 2022

The fall session of Congress has begun, with three Democrats using the opportunity to push, again, for a bill to provide student loan relief for those in large amounts of debt. On Wednesday, the three senators spoke to college reporters, answering questions on their proposed reforms, still held in committee.

The first bill - the In the Red Act - was written by Senator Tammy Baldwin from Wisconsin and Senator Elizabeth Warren from Massachusetts. It would help those with student loans to refinance them into more manageable debt and also provide more Pell grants to students. These provide free financial aid that students do not have to repay.

Currently, these different goals are included in a single bill. Baldwin has stated that if there was too much opposition to a comprehensive bill, the various components could be split into stand-alone pieces of legislation.

Another Democratic member of Congress, Senator Brian Schatz of Hawaii, spoke on behalf of the bill, urging his fellow legislators to move forward with a vote. He accused Senate Republicans of holding the legislation back while failing to present alternatives. He also stated that he believed the opposing party did not view the student loan crisis as a problem.

The In the Red Act, introduced at the beginning of the year, was assigned to the Senate Finance Committee. It has yet to move out of the committee.

Find out quickly at what rate you can refinance your student loan.

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