Published on: Mar 4, 2016
Transcripts - PressRelease-SenateBill194
October 6, 2015 Contact: Nneka Akubeze
FOR IMMEDIATE RELEASE Phone: (414) 418-4429
Refinancing Student Loans is good for Wisconsin:
Wisconsin Citizens Urge for Basic Rights Not Special Privileges
MADISON, WI – Currently, 812,000 Wisconsinites have federal student loans, amounting to
more than $18.2 million- 1 out of 5 of our fellow citizens have ~$28,000 of debt.
Their debt is made worse by high interest rates that are seen in no other loan process. United
Council has found through studies that debt is bad for the economy of our state. Those with
student loans are less likely to make large purchases, like a house or a new car, which otherwise
jumpstarts the economy. Senate Bill 194, dubbed The Higher Ed. Lower Debt bill, will allow
students to refinance college loans, like practiced in other loan systems.
Roni Howard, President of United Council and second year student at UW-Oshkosh, explains
“Not only are the interest rates unjustly high but there’s no other place to look for relief.
Budget cuts to the UW System forced schools to raise tuition and now Congress has allowed the
Perkins Loan Program to expire, which brought $10 million to Wisconsinites from lower-income
backgrounds to attend school. School’s not getting cheaper but we need opportunities, voting
to allow refinancing of student loans is necessary for our state’s economy.”
It is estimated that a typical student loan payer will save $172-$400 a year in savings, if allowed
to refinance their loans. Additionally the bill makes it mandatory for universities and colleges to
provide financial counseling and resources to student. At United Council, we applaud this
addition to assure that students can make the best decision possible because they have
knowledge and support to do so.
Tomorrow, Wednesday 7th
at 10:00am, students and student loan payers will flood room 300
Southeast in the Wisconsin State Capitol to support The Higher Ed. Lower Debt bill.
Join United Council and our partners there for a better, stronger Wisconsin!