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: I-Team: Judge Denies State Police Request To Delay Vaccine Mandate
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: 'He Never Would Tell Us': Gardner Museum Hopeful For New Info After Death Of Connecticut Mobster
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: 'Excited For The Future': Team IMPACT Celebrates 10 Years At Gillette Stadium
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