Turner Introduces Bipartisan Student Loan Refinancing Act

June 8, 2026 Press Release WASHINGTON, D.C. — Congressman Mike Turner (OH-10) introduced the Student Loan Refinancing Act of 2026 alongside Congressman Donald Norcross (NJ-01), Congressman Lloyd Doggett (TX-37), and Congressman Brian Fitzpatrick (PA-01). This bipartisan legislation would amend the Higher Education Act of 1965 to create a pathway for eligible federal student loan borrowers to refinance their loans while remaining in the federal student loan system. “The student debt crisis continues to place a significant financial burden on borrowers and families across the country, and Congress should be focused on common-sense solutions that provide real relief,” said Congressman Mike Turner . “Federal student loan borrowers should be able to take advantage of lower interest rates without being forced out of the federal loan system or giving up important borrower protections. This bipartisan legislation provides borrowers with greater flexibility, allows them to refinance their federal student loans to a lower rate when available, and helps ease the burden of student loan debt.” "Changes in life circumstances often mean changes in personal budgets, and refinancing loans has long been an important tool for borrowers and lenders seeking a better path forward. There's no reason someone should only have that option if their student loan is from a private lender,” said Congressman Norcross. “This bipartisan bill is an easy way to make higher education more affordable, and I appreciate Rep. Turner’s partnership on such an obvious solution.” “Student loan debt is at an all-time high, hurting millions of Americans who are battling soaring everyday prices, struggling to buy homes and unable to save for retirement,” said Congressman Doggett. “The Student Loan Refinancing Act will establish a program to refinance federal student loans down to lower interest rates, bringing some relief to those struggling with crushing student loan debt, and hopefully providing them with more tools to confidently invest in their future.” “Students should repay what they borrow, but Washington should not be running a loan system that turns responsible borrowing into a lifetime financial burden,” said Congressman Fitzpatrick . “Higher education and advanced training are essential to opportunity, workforce strength, and America’s competitiveness, but the rules must be fair. This commonsense initiative will make student loans more affordable and manageable, helping students and families invest in their futures with greater confidence and build the lives they are working so hard to achieve.” Currently, federal student loan borrowers have limited options to refinance their loans while remaining public borrowers. In many cases, borrowers seeking a lower interest rate must refinance through a private lender, which can require them to leave the federal system and lose access to federal borrower protections. The Student Loan Refinancing Act of 2026 would allow eligible borrowers with federal student loans to refinance. The legislation would allow borrowers to obtain a fixed interest rate based on the applicable federal student loan rate at the time of refinancing. Specifically, this legislation would: Create a pathway for eligible federal student loan borrowers to refinance their loans within the federal system; Provide borrowers with a fixed interest rate for the refinanced loan; Ensure refinancing does not automatically extend the duration of a borrower’s repayment period; Prevent the application of a new origination fee when a borrower refinances; Protect eligible payment history under repayment plans and preserve qualifying Public Service Loan Forgiveness payment counts for eligible refinanced loans; Limit refinancing to no more than twice during a 10-year period; and Require the Department of Education, in coordination with the Consumer Financial Protection Bureau, to notify eligible borrowers about the availability of federal student loan refinancing. The Student Loan Refinancing Act of 2026 builds on Turner’s previous bipartisan efforts to give federal student loan borrowers more flexibility and reduce the burden of student loan debt.  Read the full text of the Student Loan Refinancing Act of 2026 here .