Heitkamp Introduces Refinancing Plan for Private Student Loans

Sen. Heidi Heitkamp (D-N.D.) yesterday introduced a bill that she said would make it easier for borrowers to refinance private student loan debt, which accounts for 7 percent of outstanding student debt.

According to Heitkamp’s office, the bill would authorize the Treasury Department to find “creative solutions” to inefficiencies in the private student loan market, provide “refinancing options” to borrowers whose debt represents “a disproportionate share of their income,” spur competition among private lenders and require a report on refinancing best practices.