Democrats Introduce Legislation to Eliminate Student Loan Interest for All Current Borrowers

Congressional Democrats on Thursday introduced legislation that would immediately cut interest rates to 0 percent for all 44 million student loan borrowers in the U.S.

While the Student Loan Interest Elimination Act, introduced by Rep. Joe Courtney (D-Conn.) and Sen. Peter Welch (D-Vt.), would cover current borrowers, future ones would still be on the hook for interest, though under a different system.

The interest rates for future borrowers would be determined by a “sliding scale” based on financial need, leading some borrowers to still have 0 percent on their interest. No student would get an interest rate higher than 4 percent.

Read the source article at The Hill