Sen. Elizabeth Warren introduced legislation on Tuesday to tackle the nation's over $1 trillion student loan crisis. "Exploding student loan debt is crushing young people and dragging down our economy," the Massachusetts Democrat said in a statement.
Warren's proposal, which has the backing of nearly two dozen co-sponsors, including Senators Sheldon Whitehouse (D-R.I.), Barbara Boxer (D-Calif.) and Al Franken (D-Minn.), would allow those with outstanding student loans, some who pay interest rates of over seven percent, to refinance those loans at the current 3.86 percent rate new student loan recipients are charged, as decided by Congress last year.
"Allowing students to refinance their loans would put money back in the pockets of people who invested in their education," Warren's statement continued. "These students didn't go to the mall and run up charges on a credit card. They worked hard and learned new skills that will benefit this country and help us build a stronger middle class and a stronger America."