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Durbin Introduces Proposal to Reduce Student Loan Interest

Updated: Friday, May 30 2014, 03:53 PM CDT
ILLINOIS -- There's a new fight brewing in Washington over the cost of college--and leading the charge to manage these costs is Illinois Sen. Dick Durbin.

The second-highest-ranking Democrat in the Senate met with University of Illinois students today to discuss legislation allowing students to refinance their outstanding student loan debt at lower rates.

"I am introducing a refinancing bill that will give options to students to take many of their loans and to reduce the interest rates that they pay," Durbin said. "That means some students will start finally to start reducing the principle rather than just paying off the interest on the outstanding loans."

The legislation would be paid for by enacting the Buffett Rule, meaning the wealthiest Americans would pay more in taxes. It would reduce interest rates on public and private loans.

Durbin says the bill could be addressed as early as next Wednesday. Durbin Introduces Proposal to Reduce Student Loan Interest

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