U.S. Senator Elizabeth Warren’s, D-Mass., legislation that would allow 25 million borrowers with federal and private loans refinance their balance at lower interest rates could come up for a vote on the Senate floor as soon as Wednesday, according to an article in Bloomberg.
Alleviating the burden on student-loan borrowers, who have amassed more than $1.2 trillion in debt, has been a focus this week for Democrats such as Warren, concerned about the drag on the economy as young people avoid buying homes or cars or starting a business.
Meanwhile, President Barack Obama issued his own executive order on Monday.
President Barack Obama issued an executive order yesterday to expand a program easing student-loan payments. He also endorsed Warren’s bill, which would help former graduate students like Day, whose federal loans typically carry higher rates than those on undergraduate loans, with some as high as 8.5 percent.