BOSTON (AP) – People trying to pay off their student loans could enjoy lower interest rates under a bill filed by U.S. Sen. Elizabeth Warren.
The Massachusetts Democrat said some students are paying off undergraduate loans with interest rates of 7 percent or more.
Her bill would lower that to about 3.9 percent. That’s the rate set for new student loans under a law passed by Congress in 2013.
Warren filed the same bill last year, but it was blocked by Senate Republicans who said it wouldn’t have lowered education costs or reduced borrowing.
That bill fell just short of the 60 votes needed for debate. That was before Democrats lost control of the chamber to Republicans, who also control the House.
Warren said since last year nearly a million more borrowers have fallen behind on their student loans.
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