Update on Student Loan Refinancing
I’ve been working to set up the county’s own student loan finance program. Under this program, county residents could refinance their college loans at lower interest rates, shaving hundreds of dollars off their monthly payments and saving thousands over the term of their loan.
Those who are saddled with college debt – the average borrower in the county owes upward of $31,000 – knows what a drain it can be, crippling their ability to get a home mortgage, start a business or get a graduate degree. The county’s program could really ease that heavy burden.
The County Council has been generally supportive of the plan (a video of the July 20 committee meeting on the proposal is here). The next step will be conducting a market demand study and cost analysis, which will help us tailor the program to the county’s needs.
Here’s an online petition supporting the proposal, which you can sign and share.