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Jul 14, 2014 2:40 PM by KATC

Mary Landrieu to host student loan talk on Google Hangout Tuesday

U.S. Sen. Mary Landrieu will host a Google Hangout Tuesday afternoon to discuss her Passport to the Middle Class initiative.

College students and young professionals will participate in the Google Hangout discussion, though anyone who wants to join the online forum can do so.

In May, Sen. Landrieu introduced her Passport to the Middle Class initiative. The initiative includes the Bank on Students Emergency Loan Act that allows responsible borrowers with either private and federal undergraduate loans to refinance at 3.86 percent.

There are nearly 600,000 student loan borrowers in Louisiana with an average student loan debt of $22,789. Allowing responsible borrowers to get a fair interest rate would save them an average of $8,000 over the life of the loan (25 years).

The initiative also includes the senator's Middle Class CHANCE Act that restores the original purchasing power of the Pell Grant award by increasing it from $5,730 to $8,900 to combat increasing college costs.

The current maximum Pell award for next year will cover, on average, only one-third of the cost of a public four-year college in Louisiana, the smallest share of college costs since the start of the Pell program in 1972.

Landrieu's Google Hangout is set for 3:10 p.m. Tuesday.


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