Higher ed, lower debt

If you have good credit, you can refinance your mortgage or car loan. Why not your student loans?

A new bill called “Higher Ed-Lower Debt” has been introduced in Wisconsin as a way of helping people with student debt reduce their interest rates so they can pay off their debt faster.

If approved, it would the first state program in the nation to help reduce student loan payments, according to the Cap Times.

We would love to see this happen at some point to help students manage their student debt. Refinancing student loans at lower rates could save borrowers thousands in interest. Experts say it would help the economy because people could put their student loan savings toward buying a house or buying a vehicle.

We’ll keep you updated on the bill’s status–we’d love to see more states introduce similar measures.

What do you think of this idea? Would you like to see a bill like this in your state? Let us know in the comments.