Senator introduced legislation eliminating federal student loan origination fees – cutting costs and making college more affordable for Arizona students
WASHINGTON – Arizona senior Senator Kyrsten Sinema introduced the Student Loan Tax Elimination Act – legislation that eliminates federal student loan origination fees to make college more affordable and accessible for Arizona students.
“We’re making college more accessible and affordable for Arizona students and their families who work hard every day to achieve the American Dream,” said Sinema.
Origination fees are additional payments Arizona students are charged when the federal government processes their student loan. This extra payment unnecessarily costs Arizona students and their families more money as they try to pay for college. Sinema’s legislation eliminates these unfair fees for Arizona students with federal student loans.
The average college student borrowing money for a four-year college program will pay an estimated $235 in origination fees and interest if they are in a standard 10-year repayment plan. For graduate students in a two-year program, they could pay about $1,145 in fees and interest on that origination fee if they are repaying over 10 years.
Sinema’s legislation will make college more affordable and simplify federal student loans for Arizona students by eliminating unfair federal student loan origination fees.
Sinema relied on loans and scholarships to afford college and continues working to ensure Arizonans have the quality education they choose.