Senator Elizabeth Warren’s (D – Mass.) first standalone piece of legislation is already gaining broad support despite being little more than two weeks old. The bill would slash the interest rates borrowers pay on federally subsidized Stafford loans.
The “Bank on Students Loan Fairness Act” (S. 897) would allow students who are eligible for federally subsidized Stafford loans to borrow at the same rate that big banks get through the Federal Reserve discount window, currently 0.75 percent.
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