Warren: Student Loan Debt & Buffett Rule (this is awesome!)

Sen. Elizabeth Warren introducing bill to reduce burden of student loan debt in US and enact 'Buffett Rule'

By Robert Rizzuto | rrizzuto@repub.com
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on May 06, 2014 at 6:00 AM, updated May 06, 2014 at 7:31 AM

WASHINGTON — U.S. Sen. Elizabeth Warren is introducing legislation in the Senate on Tuesday that tackles two of her policy priorities - college debt and the tax rate paid by the wealthy.

Warren, a Massachusetts Democrat, is poised to introduce a bill which, in part, would allow people holding student loans financed at rates higher than today's interest rate to refinance those loans, similar to the way one refinances a home mortgage or car loan.

"When interest rates drop, people can refinance their home, they can refinance their business debt. It's regarded as a smart move for any consumer or business. But student borrowers are prohibited from doing that under most programs," Warren told MassLive.com. "This bill says we're going to change that and let them refinance that down to current low rates."

Warren said the measure, which would also allow those with privately held student loan debt to refinance their debt under the Federal Direct Loan program, equals savings for the consumer, which would be funneled back into the economy ...

Much more here: http://www.masslive.com/politics/index.ssf/2014/05/sen_elizabeth_warren_introduci.html#incart_river