Student Loan Fairness petition
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To: U.S. Congress
Under the Higher Education Act of 1965, a borrower is only eligible for a consolidation loan if he or she has never consolidated before. 20 U.S.C. 1078-3(a)(3). This creates a one-time consolidation rule, and bars borrowers from refinancing their consolidation loans, locking those borrowers into the market interest rate at the time of consolidation, regardless of whether rates fall later on. Most borrowers are unaware of this rule at the time they consolidate, and only find out that they cant refinance when they try to take advantage of lower interest rates.
On July 10, 2003, a bill was introduced in the U.S. House of Representatives: H.R. 2711, the Student Loan Fairness Act of 2003. This bill, if passed, would amend the Higher Education Act to allow borrowers to refinance their consolidation loans.
We, the undersigned, support the passage of H.R. 2711. We urge you to co-sponsor and/or support the Student Loan Fairness Act of 2003.
Under the Higher Education Act of 1965, a borrower is only eligible for a consolidation loan if he or she has never consolidated before. 20 U.S.C. 1078-3(a)(3). This creates a one-time consolidation rule, and bars borrowers from refinancing their consolidation loans, locking those borrowers into the market interest rate at the time of consolidation, regardless of whether rates fall later on. Most borrowers are unaware of this rule at the time they consolidate, and only find out that they cant refinance when they try to take advantage of lower interest rates.
On July 10, 2003, a bill was introduced in the U.S. House of Representatives: H.R. 2711, the Student Loan Fairness Act of 2003. This bill, if passed, would amend the Higher Education Act to allow borrowers to refinance their consolidation loans.
We, the undersigned, support the passage of H.R. 2711. We urge you to co-sponsor and/or support the Student Loan Fairness Act of 2003.
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Goal
999 signatures
Goal: 5,000
Latest Signatures
27 February 2016
26 February 2016
17 February 2016
12 February 2016
996.
George L
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I think it's extremely unfair knowing I consolidated at a time when interest rates were twice what they are today. I was just trying to simplify into one easy payment and got burned. You can refinance everything else...why not here????
11 February 2016
9 February 2016
7 February 2016
993.
Anne S
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Student loans should have the lowest interest rate possible. It is only through education that this country can succeed in competition with the world market.
7 February 2016
28 January 2016
27 January 2016
26 January 2016
13 January 2016
2 January 2016
2 January 2016
22 December 2015
19 December 2015
14 December 2015
983.
Brenda M
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Please Help!!! There is no way these loans will ever be paid off! After nearly ten years I owe more than when I got out of school.
10 December 2015
982.
Amy M
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My husband and I have a tremendous amout of student loan debt. We would like the opportunity to be able to take advantage of the lowered interest rates so we can afford to live and honor our agreement to pay the money borrowed back. I wish that you would
1 December 2015
25 November 2015
25 November 2015
19 November 2015
10 November 2015
3 November 2015
3 November 2015
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