Sen. Baldwin hopeful Congress will cut student loan interest rat - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Sen. Baldwin hopeful Congress will cut student loan interest rates

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WAUSAU (WKOW) -- Wisconsin's Democratic Senator Tammy Baldwin is urging Congress to bring down student loan interest rates.

Subsidized Stafford loan rates doubled Monday to 6.8 percent. They could remain at that level unless Congress keeps its promise to restore lower rates.

Some Republicans say student loan interest rates should fluctuate according to market forces. Sen. Baldwin wants to cap them at 3.4 percent for another year.

"I hope that when we return to session following the holiday, that we act promptly to retroactively bring the interest rate back to 3.4 percent. I'm signed onto legislation that would do just that. Regrettably for only a period of a year, but at least give us some time to work on the broader issues," Baldwin said Tuesday.

Baldwin will be in Madison Wednesday discussing student loan interest rates on the UW-Madison campus.

 

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