student loan debt

RIPR FILE / Courtesy Whitehouse

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.

On Capitol Hill, Sen. Jack Reed joined by Senators Al Franken and Elizabeth Warren outlined legislation Wednesday that curbs student loan debt.

The bill allows federal and private student loans to be refinanced at a lower rate with no refinancing fees. The interest on some loans can reach 14 percent. The bill lowers that to 3.86 percent. Reed said the bill is critical to the country’s future.