On June 11, 2014, 37 U.S. senators, all Republicans, blocked passage of the brilliant Bank on Students Emergency Loan Refinancing Act, sponsored by Sen. Elizabeth Warren, D-Mass. This bill would have allowed existing student loan borrowers the chance to refinance their debt at current lower interest rates.
Refinancing debt is a common practice for homeowners, businesses and other entities. Allowing student loan refinancing is a smart, sensible idea that would have benefited so many millions of Americans while stimulating our economy. The fact this great idea was blocked is a tragic loss. Alaskans are so fortunate to have two senators who had the decency to vote in favor of the bill’s passage: Sen. Mark Begich (co-sponsor) and Sen. Lisa Murkowski.