(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.