Obama To Endorse Elizabeth Warren's Student Loan Proposal
President Barack Obama on Monday will throw his support behind a new proposal to dramatically revamp the federal student loan program, according to the White House.
A bill proposed by Sen. Elizabeth Warren (D-Mass.) would allow borrowers to potentially save thousands of dollars by giving them a chance to effectively pay off their high-rate existing loans in exchange for new loans that carry substantially lower interest rates.
The Obama administration initially was hesitant to fully embrace the bill because of disagreements over how to pay for it. But with mounting pressure from advocacy groups, and with a renewed political focus on issues confronting working families, the president has softened his opposition. Obama’s endorsement would be the latest recognition to date of the ascendance of Warren-style populism within the Democratic Party.
An administration official told The Huffington Post that Obama is expected to "call for passage of the refinancing bill" when it comes up for a vote, as it is scheduled to do next week.
more
http://www.huffingtonpost.com/2014/06/06/obama-elizabeth-warren-st_n_5461988.html
= new reply since forum marked as read
trying to figure out if this is going to apply to people who took out federal loans. It's apparent that it applies to people who took out loans from banks, which is why the banks don't like it. But what about students who took out federal student loans?
Cher
