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Student Loan Debt Bill Could Be Up For A Vote Wednesday

Updated: Wednesday, June 11 2014, 08:28 AM CDT
If you're one of the 40 million Americans trying to pay back student loans, relief could be on the way. On Wednesday, the U.S. Senate could take up a bill to help ease the $1.2 trillion burden.

Sen. Elizabeth Warren (D-MA) is behind the Bank on Students Emergency Loan Refinancing Act. If it passes, the measure would let people refinance their student debt to 3.86 percent, the rate people taking out new undergraduate student loans currently pay. Sen. Warren says many people without outstanding student loan debt have rates of 7 percent or higher. She says they'd pay for it by closing tax loopholes on top earners, though for that reason, some expect her bill to run into opposition.

President Obama is also throwing his support behind the bill. On Monday, he signed an executive order where borrowers will pay no more than 10 percent of their monthly income in student loan payments.

A study by the Project on Student Debt shows across Texas, a little over half of graduates have debt, with around $24,000 on average.
Student Loan Debt Bill Could Be Up For A Vote Wednesday

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