Rhode Island senators Jack Reed and Sheldon Whitehouse listened to stories from Rhode Islanders about struggling to pay off student loan debt.
A bill that will start moving in the Senate next week lowers the rate for many borrowers to 3.86 percent. Whitehouse said it faces strong resistance from Republicans in the Senate, but he believes that if any bill can gain traction it’s this one.
“This is the kind of issue where if students and families and educators let Congress know that they would really like to see this pass,” said Whitehouse. “In the pre-election environment, it could be a signal to them ‘oops, we better let this one go.’”
Whitehouse said he has heard from Realtors that student loan debt is dampened home sales because it keeps young people from buying that first home.