Naima Ramos-Chapman

WATCH Elizabeth Warren: Students Should Get ‘Same Deal’ On Interest Rates As Big Banks

Sen. Elizabeth Warren introduced her first bill in the Senate today, the Bank on Students Loan Fairness Act, which would prevent Stafford loan interest rates from doubling this summer by dropping rates for one year from 3.4 percent to 0.75 percent, the rate at which the government loans money to big banks through the Federal Reserve discount window. If Congress fails to act by July 1 this year, interest rates on Stafford loans reserved for undergraduates will double from 3.4 percent to 6.8 percent.

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