Senate Banking Committee Chair Tim Johnson (D-S.D.) is concerned about the economic impact of student loans on borrowers and their families and has called several government agencies to take coordinated action to address those issues, especially loan servicing and debt collection.
In letters on Wednesday to U.S. Department of Education Secretary Arne Duncan, U.S. Department of the Treasury Secretary Jack Lew and Richard Cordray, director of the Consumer Financial Protection Bureau, Johnson urged the agencies to undertake a "serious study of the market for refinancing student loans and develop a plan to enable borrowers to take advantage of the current low interest rate environment."
"While college still represents one of the surest paths to the middle class, rising student loan debt makes it increasingly difficult for graduates to buy a house, start a business or save for retirement," Johnson wrote.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
