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Price Offers Remarks on Student Loan Reform

January 16, 2018
Press Release
Media Contact: Tempestt Boone, 757-266-5935

RICHMOND, VA – Del. Marcia “Cia” Price (95th District) joined her Democratic colleagues today to discuss their “Priorities for Working People” at a press conference today. Alongside Del. Debra Rodman (73rd District), Price talked about HB615 that would establish the Virginia Student Loan Refinancing Authority to facilitate Virginia borrowers refinancing their student loans.

With over 1 million Virginia borrowers carrying over $30 Billion in student loan debt, making it easier to refinance the loans and receive lower interest rates is a priority for bettering the New Virginia Economy. Approximately 630,000 Virginia borrowers who would benefit from this opportunity.

“When we talk about the New Virginia Economy, there is a segment of Virginians that find it hard to fully participate in this economy because of the crushing burden of student loan debt. Some Virginians have student loans with interest rates the mimic department store credit cards more than what is a manageable interest rate for having paid for their education,” Price said in her remarks.
“It’s important to note that for every $250 per month in student loan payments, a household’s purchasing power is reduced by about $44,000. This is not just theory, I can attest to the difficulties of which I speak as I still owe more than $90,000 in student loan debt myself. Like so many in my district and across the Commonwealth, the idea of generational wealth seems unattainable as my generation and those after me are not able to purchase homes like previous generations had done by the time they had gotten to my age,” she continued.

Price ended her remarks with a note that the student loans should not be punitive to the borrowers saying, “The borrowers often have done everything we have asked of them – going to college, getting good grades, and learning all they can to prep for their next step in life. Sadly, their next steps in life are being dictated not by what they learned or their passion but by exorbitant monthly payments for their loans. This is limiting their ability to achieve the American Dream and is limiting the extent to which these borrowers can participate in the New Virginia Economy.”

To learn more about this initiative, please visit https://tinyurl.com/2018HB615

 

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Full remarks as prepared:

When we talk about the New Virginia Economy, there is a segment of Virginians that find it hard to fully participate in this economy because of the crushing burden of student loan debt. As of 2017, over 1 million Virginia borrowers owed over $30 billion on student loans, an amount that is growing each day.
Some Virginians have student loans with interest rates the mimic department store credit cards more than what is a manageable interest rate for having paid for their education. Refinancing these loans to take advantage of lower interest rates can be difficult or even impossible for most borrowers. HB615 that both Delegate Rodman and I are offering, would establish the Virginia Student Loan Refinancing Authority to facilitate Virginia borrowers refinancing their student loans.
It’s important to note that for every $250/month in student loan payments, a household’s purchasing power is reduced by about $44,000. This is not just theory, I can attest to the difficulties of which I speak as I still owe more than $90,000 in student loan debt myself. Like so many in my district and across the Commonwealth, the idea of generational wealth seems unattainable as my generation and those after me are not able to purchase homes like previous generations had done by the time they had gotten to my age.
We hope that our colleagues will see the return on investment with HB615 in helping the approximately 630,000 Virginia borrowers who would benefit from refinancing their student loans.
The borrowers often have done everything we have asked of them – going to college, getting good grades, and learning all they can to prep for their next step in life. Sadly, their next steps in life are being dictated not by what they learned or their passion but by exorbitant monthly payments for their loans. This is limiting their ability to achieve the American Dream and is limiting the extent to which these borrowers can participate in the New Virginia Economy. 

-Delegate Marcia "Cia" Price, 95th District

1/16/17 House Democratic Caucus Press Conference


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