College students joined six Democratic senators on Capitol Hill Wednesday to press for the passage of a measure that would allow for the refinancing of student loans.
In introducing the legislation last week, Sen. Elizabeth Warren, D-Mass., said it had twin goals of driving down the $1.2 trillion in student loan debt, and shrinking the profits the federal government pulls in from the interest payments on those loans.
She was joined by Sens. Tammy Baldwin of Wisconsin, Chuck Schumer of New York, Al Franken of Minnesota, Richard Blumenthal of Connecticut and Jack Reed of Rhode Island, five of the bill’s 27 co-sponsors.
“We need to let students refinance their loans like others do with their homes,” Franken said. Added Reed: “We need to give people a fair shot at a better life, a better America.”
If passed, the measure would allow borrowers holding current loan debt to refinance their interest rates down to the same rate available to new borrowers — 3.68 percent, a figure passed by Congress last year — the same way a home or car loan can be refinanced if interest rates drop…
Any idea what silly-ass excuse Republicans will come up with to basic aid for students like this? We all know they would prefer folks be kept as ignorant as possible. That helps keep them in office.