Tag: student loan debt

County Delegation Supports Student Loan Refinancing

County Delegation Supports Student Loan Refinancing

Many of us know how hard it can be to keep up with student loans. With national student loan debt soaring over one trillion dollars, this issue has become a crisis for those wishing to purchase a home or start a family. Student loan refinancing is a critically important public policy challenge, and we now have the chance to implement a program that could allow teachers, nurses, attorneys and others to save thousands of dollars each year.

Many of our local business leaders, including Julie Verratti – Co-Founder and Co-Owner of Denizens Brewing Company in Silver Spring – have  a unique experience with student loan debt. According to Julie,  having the ability to refinance loans at lower rates may have helped free up  more cash to start her business. We need to make it easier for our young entrepreneurs to thrive.

Last week, the Montgomery County Delegation in Annapolis unanimously supported the creation of a Montgomery County Student Loan Refinancing Authority (bill MC 27-16). Enacting this legislation would mean that Montgomery County could provide student loan refinancing for residents that would substantially reduce the financial burden on our young people and working-families, free up funds that will be reinvested in our economy, and improve our county’s regional competitiveness to attract new talent (following the example of Las Vegas business loans by Credit Professor and similar organisations). We all want to lessen the economic burden on our neighbors and provide incentives for young workers to live in Montgomery County, as well as encourage businesses to start and grow here.

The House version of the bill (HB1079) will have a public Ways & Means Committee hearing on March 7th at 1:00 p.m. Please contact your local officials and ask them to support HB1079!

Early Voting & Student Debt: Bethesda Magazine Coverage

Early Voting & Student Debt: Bethesda Magazine Coverage

Proposed State Laws for Montgomery County Focus on Changes in Alcohol, Election Regulations

One bill would enable the county to set up a student loan authority to help local students finance college educations

By Andrew Metcalf of Bethesda Magazine

Excerpt:

The Maryland General Assembly will return to work in January and Montgomery County’s state representatives are preparing a number of bills pertaining to local issues to introduce in the 2016 session.

2015-11-18 local bills

Among the proposals is the bill already generating a significant amount of controversy—Del. Bill Frick (D-Dist. 16) and five other representatives are sponsoring legislation to enable private distributors to sell alcohol in the county and compete directly with the county’s Department of Liquor Control (DLC).

A number of other bills have been posted on the county delegation’s website for consideration this year. The public will have an opportunity to comment on all the bills at a 7 p.m. Nov. 30 public hearing at the County Council office building in Rockville.

Here is some of the legislation proposed by the county’s delegation this year:

To increase the number of early voting centers – MC 14-16

This bill would increase the number of early voting centers from eight to 10 in the county. The legislation follows controversy surrounding early voting centers after the Board of Elections voted to relocate centers in Burtonsville and Chevy Chase. The Republican majority board later reinstated the voting centers after Democrats vehemently protested the change. However, after the controversy was settled, County Executive Ike Leggett said in a letter he would support state legislation that would add an early voting site in Potomac.

To enable the county to set up a student loan refinancing authority – MC 27-16

More than a dozen county representatives signed on to support this bill, which would enable the county to set up a student loan refinancing authority. The authority could help local students finance the cost of higher education through loans it would offer, according to the bill. Because this is “enabling legislation,” the bill would not automatically set up the authority upon passage; county officials would have to establish the authority and appoint a five-member board to run it. If established, the authority could then raise funds by issuing bonds in order to provide college loans to students.