MI HR0098

Memorializes Congress to enact legislation allowing student loan refinancing, similar to refinancing options available for mortgages and other consumer loans.

Cites that average college tuition rose 1,120 percent between 1978 and 2013, with outstanding student loan debt reaching $1.3 trillion in 2014.

Notes that more than 70 percent of college graduates carry debt, with student loans typically bearing interest rates of 7 percent or higher, while federal government-subsidized rates are below 4 percent.

States that refinancing would allow borrowers to reduce interest payments and allocate savings toward homeownership, business creation, and economic participation.

Directs copies of the resolution to be sent to the President of the Senate, Speaker of the House, and Michigan's congressional delegation.