Schumer pushes bill to cut student loan debt - My9 New Jersey

Schumer pushes bill to cut student loan debt

Posted: Updated:
Gov. Andrew Cuomo Gov. Andrew Cuomo

ALBANY, N.Y. (AP) - Sen. Charles Schumer is calling on Congress to allow current workers to refinance their student loan debt to get the same interest rates now offered to current students.

The Democratic is pushing legislation that would let students and former students who took out a student loan before 2013 refinance their debt to get an interest rate of 3.86 percent. That's the same rate now offered to new borrowers.

Schumer says the legislation would save 2.5 million New Yorkers an estimated $12.5 billion over the life of their loans. The legislation would apply to both public and private student loans.

The average student loan debt in New York is $30,000.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • New York State NewsNew York State NewsMore>>

  • Road-trip vacations that don't break the bank

    Road-trip vacations that don't break the bank

    Thursday, July 31 2014 5:37 PM EDT2014-07-31 21:37:29 GMT
    Last-minute vacations don't need to be a headache or ridiculously expensive, especially if you make it a road trip. Even if you don't have a car, renting one can be an affordable option.Lauren Lyons Cole, a personal finance contributor to TheStreet.com, has some suggestions.
    Last-minute vacations don't need to be a headache or ridiculously expensive, especially if you make it a road trip. Even if you don't have a car, renting one can be an affordable option.Lauren Lyons Cole, a personal finance contributor to TheStreet.com, has some suggestions.
  • Trench collapse traps workers

    Trench collapse traps workers

    Thursday, July 31 2014 2:56 PM EDT2014-07-31 18:56:22 GMT
    Two construction workers were rescued from a collapsed trench outside a home in Rye, N.Y. on Thursday.  Firefighters from across Westchester County responded to the scene at 15 Bradford Ave. at about noon.
    Two construction workers were rescued from a collapsed trench outside a home in Rye, N.Y. on Thursday.  Firefighters from across Westchester County responded to the scene at 15 Bradford Ave. at about noon.
  • Woman plunges to death over cliff in Catskills

    Woman plunges to death over cliff in Catskills

    Thursday, July 31 2014 2:42 PM EDT2014-07-31 18:42:28 GMT
    Authorities say a 23-year-old woman trying to take a picture by the edge of a cliff in the Catskill Mountains died after falling more than 150 feet.
    Authorities say a 23-year-old woman trying to take a picture by the edge of a cliff in the Catskill Mountains died after falling more than 150 feet.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices