May 9th, 2013
07:19 PM ET
2 years ago

Sen. Warren proposes deep discounts for federal student loans

(CNN) - On average, student loan borrowers end up carrying debt loads of $27,000. The interest rate on federal student loans is set to double this summer if Congress does not do anything about it. Sen. Elizabeth Warren, D-Massachusetts, has introduced her first piece of legislation – a bill that would give a steep, temporary discount, taking the interest rate from 3.4% to less than 1%.

The U.S. government has been lending money at a rate of about 0.75% to financial institutions for years, said Warren.

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Filed under: Education • Elizabeth Warren
soundoff (17 Responses)
  1. truth hurts but reality bites

    And yet another Democrat give away program at tax payers expense. Everybody knew this would eventually happen. Nobody forced these people to take out these loans. Why should I and others now pay for them? The fact that most can't find jobs because they spent tens of thousands of dollars getting totally useless degrees is now OUR problem? Take a hike losers. The fact that they voted Obama,who has done nothing to fix the economy in over 4 years is THEIR problem. Or are they now looking for a kickback fro their vote?

    May 9, 2013 07:26 pm at 7:26 pm |
  2. Gurgyl

    Excellent. Kids of colleges need this. While India and China are educating–GOP wanted to send these budding kids to wars. Sad.

    May 9, 2013 07:29 pm at 7:29 pm |
  3. Data Driven

    "We can't afford it! We need that public money to campaign early against Hillary Clinton, er, er, I mean, to solemnly look into what happened in Benghazi on 9/11/12" - a conservative

    May 9, 2013 07:52 pm at 7:52 pm |
  4. Anthony in California

    Why do I have a feeling Republicans who are in favor of handing out
    welfare to huge multibillion dollar profit corporations will still show opposition to the
    Federal government helping our next generation of students and potential leaders...

    oh yeah.. because the smarter you are, the less likely you will fall for Republican nonsense.

    Oppose way Republicans.. oppose away...

    May 9, 2013 08:08 pm at 8:08 pm |
  5. jkane sfl the gop national disgrace party will be swept out like the trash they are in2014 ?

    Go Liz,help our children , the gop doesn't mind giving the oil companies40 billion a year in tax credits they don't need,take it away from them and give it to our children instead .the gop says 40 billion is so small it won't help the defict ,what idiot planet do these morons come from, not this one.

    May 9, 2013 08:20 pm at 8:20 pm |
  6. Kingsley egboro

    That's a nice piece of legislation warren,it will serve as a leverage for those who could not venture in the current status.

    May 9, 2013 08:21 pm at 8:21 pm |
  7. Patriot

    ...and we'll raise taxes on working white people to pay for it.

    May 9, 2013 08:40 pm at 8:40 pm |
  8. Ray E. (Georgia)

    Why? After the student graduates they can't find a job because of liberal policies in the government. Students used to work their way thru college. Time for that to start up again.

    May 9, 2013 08:41 pm at 8:41 pm |
  9. Thomas

    Yes , and charge foreign students more !

    May 9, 2013 08:44 pm at 8:44 pm |
  10. Neutral Observer

    Someone who gets paid mega bucks for teaching a single class can really feel for the poor students. Perhaps she should go after the universities for forcing kids in to predatory loans. Make them pay since they are the ones increasing college tuition.

    May 9, 2013 08:56 pm at 8:56 pm |
  11. Cephus

    Then sallie Mae have to give refunds for what we have paid for, and no tomorrow now!

    May 9, 2013 08:58 pm at 8:58 pm |
  12. John the Historian

    We need the European education system. In England, France and Germany no students go broke over college expense.

    May 9, 2013 09:10 pm at 9:10 pm |
  13. SwingState

    The best investment is in the people. Why make something as fundamental as education so difficult to have?

    May 9, 2013 09:30 pm at 9:30 pm |
  14. Woman In California

    Now this is one woman, I might possibly be able to vote for should she run for POTUS. I like what she's trying to do and hopefully, more will follow.

    Go Senator Warren!

    May 9, 2013 09:57 pm at 9:57 pm |
  15. Ed1

    Why not use your own money and not ours.

    May 9, 2013 10:27 pm at 10:27 pm |
  16. Gurgyl

    Bust Collection Agencies too. Headache.

    May 10, 2013 06:09 am at 6:09 am |
  17. Minnie Mouse

    Sen. Warren, you are almost wanting to give away 0% interest loans. Why don't you just go for that? Have the loans set up x amount of years interest free and then also extend loans out. Students can then either get a loan interest free if paid off in the number of years agreed upon or extend the loans out for everyone to where we are paying interest but with lower payments. The colleges also need to do things to cut costs, this will reduce the amount students are paying. $27,000 is to much!

    May 10, 2013 07:08 am at 7:08 am |