Posted Thursday, April 7, 2016--2:30 p.m.
WASHINGTON (Gray DC) -- A group of senators are taking on America’s student debt crisis. Up until now their campaign “#Inthered” was just to create awareness but now they’re bringing that reform to the senate floor.
Lawmakers like New York Senator Chuck Schumer and Wisconsin Senator Tammy Baldwin (D-WI) have been working to bring the issue to the forefront. Both of their State of the Union guests were students from local universities. The act they’re supporting, called In the Red, would allow student loan borrowers to refinance outstanding debt at lower rates. Something Senator Baldwin believes will make a huge difference in students’ lives.
"You know if you think about it, with 40 million borrowers and 1.3 trillion dollars in aggregate debt, refinancing would allow more students to have more cash in their pockets,” Baldwin said.
The act would also increase Pell Grants and make a new investment in community college which Senator Baldwin tells us would be paid for by closing special interest tax loopholes.