BOSTON (AP) — U.S. Sen. Elizabeth Warren is planning to file a bill to let students refinance their old loans at a new lower rate.
Warren said she wants to ease the loan burden that she says is burying graduates in debt and stifling economic growth.READ MORE: AG Maura Healey To Announce Run For Massachusetts Governor, Sources Tell WBZ-TV
Warren said it’s important to let students with old, high-interest loans take advantage of lower rates now being offered to students under a new federal law this year.READ MORE: Massachusetts Reports 14,647 New COVID Cases, 199 Additional Deaths
An undergraduate student who took out an unsubsidized federal loan before July 1 is paying almost seven percent interest, Warren said. After July 1, that borrower would pay just under 4 percent.
She said most borrowers who took out loans in the last decade are paying much higher rates than they would if they took out those loans today, making it harder to buy homes and cars and save for retirement.MORE NEWS: David Ortiz Calls Dan Shaughnessy An A-Hole On Live Radio Over Hall Of Fame Snub
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