Roll Call: Latest News on Capitol Hill, Congress, Politics and Elections
October 9, 2015

Democrats Plan Student Loan Push in June

Warren speaks Wednesday during the press conference on the Fair Shot Agenda to lower interest rates on student loan debt. (Bill Clark/CQ Roll Call)

Warren speaks Wednesday during the press conference on the Fair Shot Agenda to lower interest rates on student loan debt. (Bill Clark/CQ Roll Call)

Senate Democrats plan to make their new push on student loan interest rates shortly after the Memorial Day recess.

But, as usual, there’s an issue with offsets.

Sen. Elizabeth Warren led a group of Democrats and Washington, D.C., area college students in detailing the proposal at an event Wednesday morning in the Capitol.

“There is no forgiveness here of principal,” the Massachusetts Democrat said of the proposal. “Students should have to pay back the money they borrowed, and they have to pay it back at a rate that fully covers the administrative costs, the costs of borrowing the money, the costs of the bad debt loans and still produces something more for the U.S. government.”

Sen. Charles E. Schumer of New York, the No. 3 Democratic leader, said he expected the student loan issue would reach the Senate floor in the first two weeks of June.

Schumer said were waiting for “the magic of CBO,” to figure out precise details. The idea, however, is to fully offset the cost associated with the refinancing and the lower interest rates using the millionaire surtax that has come to be known as the “Buffett rule.”

That offset isn’t likely to get much traction, but the bill’s supporters say they are open to alternatives. Exactly how much money would be needed won’t be known until the final score comes in from the Congressional Budget Office.

In setting a schedule of lower loan rates for student loan refinancing — what would currently be 3.86 percent for existing undergraduate loans — borrowers could theoretically refinance private student loans with the federal government or other financial institutions.

“You’re able to take out a loan at 3.86, and if somebody wants to lend you money at 3.86, and they give the principal, you give it to the other bank and say here you go,”  Sen. Al Franken, D-Minn., said. “So, the bank doesn’t really have that much of a say about it.”

“We picked these numbers because these were the numbers that virtually every Republican and a majority of Democrats agreed to just last July,” Warren said, referring to the 2013 law that revised the interest rate formula for new federal student loans. “Some of us would like to see lower numbers, but we want to get something through the Congress, we want to see a change. A change that could mean a difference of hundreds of dollars or even thousands of dollars.”

Comments (73)

Leave a Comment

Your email address will not be published.

author email

  1. Klen8888

    May 15, 2014
    1:21 a.m.

    Trading the futures is where the new money is at the best website I’ve found so far is a place called Emini S&P Trading Secret Google them and you should be able to find them. I have all four of their courses and now trading for myself. The futures is where all the action is now and I never knew how much money there is to make in trading the futures until now.

  2. On Guard! Mosin Nagant

    May 19, 2014
    12:56 a.m.

    Igor Shafarevich, in particular, documented the primitive superstitions of the counter-Christian religion of socialism in his essay Socialism in Our Past and Future:

  3. Zork

    May 24, 2014
    4:34 a.m.

    Are liberals losing it? In a somewhat related video we find deranged lunatic Chris Matthews comparing radio-personality Mark Levin to North Korea’s totalitarian communist dictator Kim Jong Un:

  4. Anonymous

    June 27, 2015
    6:14 a.m.

    I am also commenting to make you understand of the magnificent encounter our daughter gained using your web site. She learned a lot of pieces, including what it is like to have an amazing teaching style to get certain people with ease know specific problematic topics. You really surpassed her expectations. I appreciate you for presenting such productive, dependable, informative and also unique guidance on your topic to Janet.

  5. Anonymous

    July 2, 2015
    2:16 p.m.

    Hello There. I discovered your weblog the usage of msn. That is a really neatly written article. I will make sure to bookmark it and come back to learn more of your useful information. Thanks for the post. I will definitely return.

  6. Anonymous

    July 7, 2015
    7:50 p.m.

    I conceive other website proprietors should take this website as an example , very clean and wonderful user friendly layout.

  7. Anonymous

    July 9, 2015
    9:03 a.m.

    I truly appreciate this post. I’ve been looking all over for this! Thank goodness I found it on Bing. You’ve made my day! Thank you again!

  8. Anonymous

    July 12, 2015
    2:10 p.m.

    I do agree with all the ideas you’ve presented to your post. They’re very convincing and will certainly work. Still, the posts are very brief for beginners. May just you please lengthen them a bit from subsequent time? Thank you for the post.

  9. Anonymous

    July 18, 2015
    4:12 a.m.

    As a Newbie, I am constantly exploring online for articles that can help me. Thank you

  10. Anonymous

    July 21, 2015
    7:14 a.m.

    Whoa! This blog looks exactly like my old one! It’s on a totally different topic but it has pretty much the same layout and design. Superb choice of colors!

  11. Anonymous

    July 21, 2015
    8:01 a.m.

    Fantastic website you have here but I was curious about if you knew of any message boards that cover the same topics discussed in this article? I’d really like to be a part of community where I can get responses from other experienced individuals that share the same interest. If you have any recommendations, please let me know. Bless you!

  12. Anonymous

    July 24, 2015
    10:08 a.m.

    Excellent web site. A lot of useful info here. I¦m sending it to some buddies ans additionally sharing in delicious. And obviously, thanks for your effort!

  13. Anonymous

    July 24, 2015
    1:36 p.m.

    I haven’t checked in here for a while as I thought it was getting boring, but the last several posts are good quality so I guess I will add you back to my daily bloglist. You deserve it my friend :)

  14. Anonymous

    July 25, 2015
    12:28 a.m.

    Hey there, You have done a fantastic job. I will definitely digg it and personally suggest to my friends. I am sure they will be benefited from this website.

  15. Anonymous

    July 26, 2015
    12:11 a.m.

    I wanted to thank you for this great read!! I definitely enjoying every little bit of it I have you bookmarked to check out new stuff you post…

  16. Anonymous

    July 28, 2015
    7:49 a.m.

    Really nice design and wonderful content, very little else we need : D.

  17. Anonymous

    July 30, 2015
    7:37 p.m.

    Nice blog here! Also your web site so much up very fast! What host are you the use of? Can I get your associate link for your host? I wish my website loaded up as quickly as yours lol

  18. Anonymous

    July 31, 2015
    2:41 p.m.

    Some truly nice stuff on this internet site, I enjoy it.

  19. Anonymous

    Aug. 9, 2015
    11 p.m.

    Generally I do not learn post on blogs, but I wish to say that this write-up very forced me to take a look at and do so! Your writing taste has been amazed me. Thank you, very nice article.

  20. Anonymous

    Aug. 12, 2015
    4:49 a.m.

    I am extremely inspired with your writing skills as smartly as with the layout for your weblog. Is that this a paid theme or did you modify it your self? Anyway keep up the nice quality writing, it’s rare to peer a nice blog like this one these days..

  21. Anonymous

    Aug. 17, 2015
    8:51 p.m.

    I do consider all the concepts you have presented to your post. They’re very convincing and will certainly work. Still, the posts are too quick for novices. Could you please prolong them a bit from subsequent time? Thank you for the post.

  22. Anonymous

    Aug. 17, 2015
    9:48 p.m.

    Very interesting topic, thanks for posting. “Men who never get carried away should be.” by Malcolm Forbes.

  23. Anonymous

    Aug. 19, 2015
    9:55 a.m.

    Fantastic beat ! I would like to apprentice while you amend your site, how can i subscribe for a weblog web site? The account helped me a acceptable deal. I had been tiny bit familiar of this your broadcast provided vibrant clear idea

  24. Anonymous

    Aug. 25, 2015
    3:32 p.m.

    Hello.This post was extremely motivating, particularly since I was searching for thoughts on this topic last Thursday.×197.png

  25. Anonymous

    Aug. 30, 2015
    1:48 a.m.

    Wow, incredible weblog layout! How long have you been blogging for? you made blogging glance easy. The whole look of your web site is magnificent, as smartly as the content!

  26. Anonymous

    Sept. 1, 2015
    9:21 p.m.

    Hi, Neat post. There is a problem with your website in internet explorer, may test thisK IE nonetheless is the market leader and a big section of other folks will leave out your excellent writing due to this problem.

  27. Anonymous

    Sept. 2, 2015
    4:04 a.m.

    wonderful submit, very informative. I ponder why the other specialists of this sector don’t realize this. You should proceed your writing. I’m sure, you have a huge readers’ base already!

  28. Anonymous

    Sept. 2, 2015
    7:17 p.m.

    I truly appreciate this post. I have been looking everywhere for this! Thank goodness I found it on Bing. You’ve made my day! Thx again!

  29. Anonymous

    Sept. 2, 2015
    11:17 p.m.

    I believe you have noted some very interesting points, appreciate it for the post.

  30. Anonymous

    Sept. 2, 2015
    11:56 p.m.

    Thankyou for this howling post, I am glad I observed this internet site on yahoo.

  31. tom & jerry

    Sept. 4, 2015
    4:32 p.m.

    I’ve been absent for a while, but now I remember why I used to love this web site. Thanks , IВЎВ¦ll try and check back more frequently. How frequently you update your web site?

  32. Anonymous

    Sept. 7, 2015
    6:22 p.m.

    My spouse and I stumbled over here from a different website and thought I may as well check things out. I like what I see so i am just following you. Look forward to looking over your web page yet again.

  33. Anonymous

    Sept. 7, 2015
    6:28 p.m.

    I would like to thnkx for the efforts you have put in writing this blog. I am hoping the same high-grade blog post from you in the upcoming as well. In fact your creative writing abilities has inspired me to get my own blog now. Really the blogging is spreading its wings quickly. Your write up is a good example of it.

  34. Anonymous

    Sept. 7, 2015
    10:34 p.m.

    As a Newbie, I am continuously searching online for articles that can aid me. Thank you

  35. Anonymous

    Sept. 7, 2015
    10:37 p.m.

    Hello. Great job. I did not anticipate this. This is a splendid story. Thanks!

  36. Anonymous

    Sept. 8, 2015
    5:39 a.m.

    Can I just say what a relief to find someone who actually knows what theyre talking about on the internet. You definitely know how to bring an issue to light and make it important. More people need to read this and understand this side of the story. I cant believe youre not more popular because you definitely have the gift.

  37. Anonymous

    Sept. 8, 2015
    12:58 p.m.

    Well I sincerely liked reading it. This article provided by you is very practical for accurate planning.

  38. Anonymous

    Sept. 13, 2015
    4:37 a.m.

    It’s really a nice and helpful piece of information. I’m glad that you shared this helpful information with us. Please keep us informed like this. Thank you for sharing.

  39. Anonymous

    Sept. 13, 2015
    9:56 a.m.

    you’ve an amazing blog here! would you like to make some invite posts on my blog?

  40. Anonymous

    Sept. 17, 2015
    6:24 a.m.

    I have learn some excellent stuff here. Definitely price bookmarking for revisiting. I wonder how a lot effort you put to make the sort of magnificent informative web site.

  41. Anonymous

    Sept. 17, 2015
    6:26 a.m.

    As soon as I observed this site I went on reddit to share some of the love with them.

  42. Anonymous

    Sept. 17, 2015
    1:01 p.m.

    you have a great weblog right here! would you like to make some invite posts on my blog?

  43. Anonymous

    Sept. 17, 2015
    6:15 p.m.

    I was recommended this blog by my cousin. I am not sure whether this post is written by him as nobody else know such detailed about my difficulty. You’re amazing! Thanks!

  44. Anonymous

    Sept. 17, 2015
    7:49 p.m.

    There is visibly a bunch to know about this. I consider you made certain nice points in features also.

  45. esurance insurance

    Sept. 20, 2015
    10:02 a.m.

    Compare esurance quotes to save more on auto and home insurance policies.

  46. quote on esurance

    Sept. 20, 2015
    10:20 a.m.

    Its good idea to share such info with us. We need more such useful information.

  47. state farm insurance company

    Sept. 20, 2015
    4:57 p.m.

    Whats amazing post here. I will turn attention on your description.

  48. state farm insurance quotes

    Sept. 20, 2015
    5 p.m.

    Its good idea to share such info with us. We need more such useful information.

  49. Harley Lanese

    Sept. 21, 2015
    6:39 a.m.

    This weblog is very awesome, just what i was looking for to go over on my downtime. Thanks

  50. american mutual insurance

    Sept. 21, 2015
    4:30 p.m.

    Thanks for the best info posted here.. Just waiting for update.

  51. amica car insurance reviews

    Sept. 21, 2015
    4:30 p.m.

    We offer you huge discounts, just enter your zip code and save up to 40 percent on auto and home insurance policies. Its easy and fast to do by 5 digit zip code.

  52. american mutual insurance company

    Sept. 21, 2015
    4:35 p.m.

    Get quotes on State farm for auto and home policy. Save with State farm quote!

  53. amax auto insurance

    Sept. 22, 2015
    5:36 p.m.

    Get auto and home insurance policies

  54. amax auto insurance lewisville tx

    Sept. 22, 2015
    6:04 p.m.

    Get quotes for auto and home policy. Save with us up to 40%

  55. Anonymous

    Sept. 23, 2015
    12:15 a.m.

    There is evidently a bunch to realize about this. I consider you made certain nice points in features also.

  56. Anonymous

    Sept. 23, 2015
    1:53 a.m.

    My wife and i were very more than happy that Chris managed to round up his survey while using the precious recommendations he was given out of your web site. It’s not at all simplistic just to continually be giving for free ideas that many others may have been making money from. Therefore we understand we need the blog owner to thank because of that. These illustrations you made, the straightforward website navigation, the relationships you help to foster – it’s got everything amazing, and it is assisting our son and us believe that the theme is interesting, and that is extraordinarily essential. Many thanks for all the pieces!

  57. Anonymous

    Sept. 23, 2015
    3:40 a.m.

    I have read several good stuff here. Definitely worth bookmarking for revisiting. I surprise how much effort you put to make such a fantastic informative web site.

  58. federated insurance

    Sept. 23, 2015
    11:41 a.m.

    It takes only few minutes to get quotes and save on home or auto insurance policies.

  59. Anonymous

    Sept. 23, 2015
    1:22 p.m.

    I’ve been absent for a while, but now I remember why I used to love this site. Thank you, I will try and check back more often. How frequently you update your website?

  60. Anonymous

    Sept. 26, 2015
    5:54 a.m.

    I’m still learning from you, while I’m making my way to the top as well. I absolutely love reading everything that is posted on your blog.Keep the information coming. I loved it!

  61. Anonymous

    Sept. 26, 2015
    11:57 a.m.

    I like this post, enjoyed this one thankyou for posting.

  62. Anonymous

    Sept. 26, 2015
    5:44 p.m.

    Great – I should certainly pronounce, impressed with your web site. I had no trouble navigating through all tabs and related info ended up being truly easy to do to access. I recently found what I hoped for before you know it in the least. Quite unusual. Is likely to appreciate it for those who add forums or anything, web site theme . a tones way for your customer to communicate. Excellent task..

  63. Anonymous

    Sept. 28, 2015
    7:12 a.m.


  64. cheap homeowners insurance coverage

    Sept. 28, 2015
    11:39 a.m.

    Cheap quotes on auto insurance! Save more when compare quotes by zip code here!

  65. cheap homewners insurance

    Sept. 28, 2015
    11:59 a.m.

    Get free quotes on car insurance by zip code over the USA!

  66. Anonymous

    Sept. 28, 2015
    9:28 p.m.

    I just don’t get the fascination with Free… You need to use the tool that is right for the job and allows you to get the job done faster and not the one that may seem cheaper. And with thousands (or tens of thousands) of dollars getting thrown around for websites nowadays are they really going to balk at 500$ for licensing the right tool for the job? Just keep an open mind. I really really think there are some good points for either system.
    montre serpenti réplique

  67. cheap commercial truck insurance

    Sept. 29, 2015
    5:51 p.m.

    Choose our best quotes from mutual home and auto insurance companies. Save on policies!

  68. acuity flag pole

    Oct. 1, 2015
    4:51 p.m.

    Its easy and fast to get insurance quotes by 5 digit zip code.

  69. Anonymous

    Oct. 2, 2015
    6:02 a.m.

    Cual Alquiler desempolvora El fagot platinífero. Donde Alquiler se refrigera Ese versolari finito

  70. Anonymous

    Oct. 6, 2015
    4:26 a.m.

    There are certainly a lot of details like that to take into consideration. That is a great point to bring up. I offer the thoughts above as general inspiration but clearly there are questions like the one you bring up where the most important thing will be working in honest good faith. I don?t know if best practices have emerged around things like that, but I am sure that your job is clearly identified as a fair game. Both boys and girls feel the impact of just a moment’s pleasure, for the rest of their lives.

  71. Anonymous

    Oct. 6, 2015
    4:27 a.m.

    Hello! I just would like to give a huge thumbs up for the great info you have here on this post. I will be coming back to your blog for more soon.

  72. omega insurance brokers llc

    Oct. 7, 2015
    10:42 a.m.

    Compare Omega insurance quotes on auto or car policy, save time and money here!

  73. omega insurance services

    Oct. 7, 2015
    11:31 a.m.

    Get cheaper quotes, save more on insurance quotes here!

Sign In

Forgot password?



Receive daily coverage of the people, politics and personality of Capitol Hill.

Subscription | Free Trial

Logging you in. One moment, please...