What Do the Election Results Mean for Student Loan Borrowers?

by Adam S. Minsky, Esq. : Boston Student Loan Lawyer

– It appears that the Republican Party has taken over the Senate, and Republicans were elected or re-elected to several key state governorships. What does this mean for students and student loan borrowers? Here are some key things to think about:

  • We still have a divided government, which means any student loan reform bill passed by both houses of Congress will still require the signature of the President to become law, and the President has the power to veto any bill he doesn’t like. Congress could override the President’s veto, but that requires a supermajority, which means that Democrats would have to join Republicans in doing so.
  • Several student loan reform bills favorable to borrowers that had been proposed in the Senate, including Senator Warren’s student loan refinancing bill, are basically dead. There’s just no way they will even come to a vote in the new Senate.
  • The Higher Education Act, which is the underlying federal statute that governs many federal student loan programs, must be reauthorized. It may be (and often has been) used as a vehicle to reform certain financial aid and student loan programs. We have no idea what these reforms may look like, but we got a taste of proposed reforms from the President himself and from the Republican-controlled House earlier this year. Given that the President has shown a willingness to compromise on certain issues, it is quite possible that we may see some big changes to student loan programs (both good and bad) if a compromise is reached.

Continue to Full Article: Adam S. Minsky, Esq – Boston Student Loan Lawyer

Print Friendly

DISCLAIMER
The views expressed in this article are solely those of the author and do not necessarily reflect the opinions of Wag the Truth. In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. Wag the Truth has no affiliation whatsoever with the originator of this article (unless it was written by an owner of Wag the Truth) nor is Wag the Truth endorsed or sponsored by the originator.

Please read our Comment Policy before posting. It is unacceptable to slander, smear or engage in personal attacks on other commenters and authors of articles posted on WTT.

Leave a Reply

Be the First to Comment!

Notify of
avatar
wpDiscuz