October 24, 2014

Baldwin looking for relief on student loan rates

There may be relief on student loan rates. Student loan rates have doubled – to 6.8 percent – and Senator Tammy Baldwin thinks there’s a good opportunity to address that in the Senate.

“We hope that in light of some recent bipartisan action, that we could see that continue and extend to this particular issue,” the Madison Democrat said during a recent stop on the UW Madison campus.

Baldwin said it wasn’t realistic to fix the problem as the expiration on the student loan rate cap was due to expire July 1st. “We are approaching this right now with a one year extension, but knowing that there is bigger problem that we need to look at,” she said. “And I would say that problem is far greater than just interest rates.”

Baldwin said students also need financial education – and there may be a need for relief for those whose debt burden becomes unsustainable.