WASHINGTON — Sen. Peter Welch introduced new legislation in Washington this week. It’s to help lower the cost of college for current and future borrowers.
The “Student Loan Interest Elimination Act” would re-finance the interest on federal student loans for all existing borrowers to 0%. It would also cap interest rates for future borrowers.
If approved, 43 million Americans with existing federally held student loans would see their interest rates immediately eliminated.
Sen. Welch says his act would make affordable college education a reality for more students in Vermont and across the country.
Written by Jackson Stoever, NBC5