Senator Elizabeth Warren (D-MA) has introduced her first piece of legislation. It’s called the Bank on Students Loan Fairness Act, and would reduce the rate students pay on federally-subsidized student loans for one year, from 3.4% to 0.75%.
Without congressional action, on July 1 the rate is set to double from 3.4% to 6.8%.
Warren brings up an interesting point – her bill simply asks students to pay the same rates that big banks pay for borrowing.
She’s literally just asking if college grads can get the same deal as bank CEOs. The exact same interest rate. Not even a bailout or anything fancy (pipe dreams!) - just the same interest rate.
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