Student Loans

With student loan rates set to double on July 1 to 6.8 percent, Sanders on Friday endorsed legislation by Sen. Elizabeth Warren to set student loan interest rates at the same 0.75 percent level that the Federal Reserve offers to big banks. “A great idea,” Sen. Bernie Sanders said of Warren’s bill. “The only thing wrong with this bill is that Elizabeth thought of it and I didn’t,” Sanders said Friday on The Thom Hartmann Program. A Congressional Budget Office report on Tuesday projected that the student loan program administered by the U.S. Department of Education would yield a record $51 billion profit off student borrowers.