Elizabeth Warren Proposes Student Loan Reform

Senator Elizabeth Warren introduced her first bill today and it’s aimed at helping students burdened by debt. The Massachusetts Democrat says, “We shouldn’t be profiting on our students who are drowning in debt.”  She proposes lowering the rate on subsidized federal student loans for one year to .75 percent. That’s the same rate big banks pay to borrow money from the Federal Reserve Board.  The current rate of 3.4 percent is set to go up to 6.8 percent on July 1 unless Congress does something.

She also suggests the one-year rate drop should be followed up by long-term reform.

Watch the video. She’s great!

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Barbara Nevins Taylor

As the winner of 22 Emmy Awards and a slew of journalism honors and awards, I created ConsumerMojo.com to give you the straight story about complicated stuff. Tell us what you want to know and we'll get you the answers.