Blog: Sens. Rubio, Warner praise Senate advancement of loan consolidation measure – Financial Regulation News – Financial Regulation News

U.S. Sens. Marco Rubio (R-FL) and Mark Warner (D-VA) recently applauded the Senate passage of their Joint Consolidation Loan Separation Act of 2021.

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The bill would provide relief for individuals who previously consolidated their student loan debt with their spouses. While Congress eliminated the joint consolidation loans program in 2006, it did not provide a method for borrowers to sever existing loans in the event of domestic violence, economic abuse or unresponsiveness from a former partner, Rubio and Warner said.

“Survivors of domestic violence should never have to pay the debts of their abuser,” Rubio said. “This bill would provide financial independence to those survivors who previously consolidated their student loan debt with their partner. I am grateful that the Senate passed this important legislation, and I urge the House to do the same so that we can deliver much-needed relief to these individuals.”

Warner said the Senate advancing the legislation serves as a big step for survivors of domestic violence and financial abuse who have spent decades fighting for their financial freedom.

“By finally allowing individuals to sever their joint consolidation loans, this bill will provide needed respite to vulnerable individuals who are being unfairly held responsible for the debt of a former partner,” Warner said. “I urge my House colleagues to act with urgency and send this bill to the President’s desk as soon as possible.”

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