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CARSON CITY, Nev. (AP) — State lawmakers are reviewing a bill that would allow Nevada college graduates to refinance student loans to get a better interest rate.
Democratic Senate Minority Leader Aaron Ford is sponsoring SB215 and fielded questions during a hearing Thursday in the Senate Education Committee.
The bill would create a refinancing program under the Nevada Department of Business and Industry. The director could issue revenue bonds to pay for the program.
Ford included several amendments to the bill so only graduates of Nevada colleges who have remained in the state for at least a year would be eligible. He said the refinancing process would work just like refinancing a mortgage or home loan.
Ford said the bill would help nearly 242,000 Nevadans that hold more than $7 billion in student debt.
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