Stay Curious. Stay Connected.
MailNewsletters♡Donate Now
Sign up
*Password must be at least 8 characters and contain one uppercase letter, one lowercase letter, one number and one symbol.
Already have an account?
By submitting, you consent that you are at least 18 years of age and to receive information about MPR's or APMG entities' programs and offerings. The personally identifying information you provide will not be sold, shared, or used for purposes other than to communicate with you about MPR, APMG entities, and its sponsors. You may opt-out at any time clicking the unsubscribe link at the bottom of any email communication. View our Privacy Policy.
Sign in to your profile
Forgot Password?
New to MPR News?
Welcome back
to news
for you
Reset Password

Enter the username on file and we'll send you a code to reset your password.

Still require assistance or not sure what your User Name is?
Welcome back
to news
for you
Email Verification

A verification code has been emailed to

Still awaiting the code?
Capitol View®
Mark Zdechlik

Franken and McFadden spar over student loan debt plan

Go Deeper.

Create an account or log in to save stories.

Like this?

Thanks for liking this story! We have added it to a list of your favorite stories.

DFL Sen. Al Franken told a voter rally on the Twin Cities campus of  the University of Minnesota Tuesday that he does not  know why his Republican challenger, Mike McFadden,  does not support legislation that would allow millions of Americans to refinance high interest-rate student loan debt.

IMG_0055
Sen. Al Franken Mark Zdechlik/ MPR News

“You can refinance your home loan, you can refinance a business loan, you can refinance a car loan." said Franken. "Why shouldn't you be able to refinance student loans?”

Franken supported the legislation, but the Senate did not pass it.

Franken said paying off the more than $1 trillion in student loan debt owed by Americans is a strain on the US economy.  If student borrowers could refinance to lower interest rates, they would have more money to spend elsewhere, he said.

“It’s become harder for you to get married, to buy a home, to start a business, to make a purchase like a car or another high-ticket item, and that is hurting our economy,” said Franken to the applause of  a few dozen students munching on free pizza under the sun on the Northrup Auditorium mall.

Higher income taxes on millionaires would have financed the Senate legislation.

Mike McFadden said he opposes the proposal because it increases taxes. A spokesman for McFadden’s campaign said he supports allowing student loan refinancing, but that he doesn’t want to pay for it by increasing taxes.

He also suggested there are more important priorities facing the nation.

“Instead of supporting a bill to prevent American ISIS fighters from returning to the United States, Sen. Franken has chosen to play politics and duck the issues," said McFadden for Senate  spokesman Tom Erickson. "By putting partisan politics ahead of the safety and security of the United States, Sen. Franken has proven once and for all that he is too partisan to represent Minnesota. ”