The new student loan bill Senator Merkley (D-Ore.) plans to introduce is a progressive idea intended to battle high loan repayment costs and hopefully restore the middle-class in the United States
. The announcement of this proposal came after President Obama signed a student loan bill into law on August 9th
. The new loan bill sets interest rates for undergraduate loans to the 10-year Treasury note plus 2.05% with a cap of 8.25%. While some Democrats oppose the bill as they feel Congress shouldn't "profit off the backs of students", it seems widely to be seen as an improvement over the default doubling of rates from 3.4% to a flat 6.8%.
Merkley's goal is to make much bolder steps and pursue steps that more favor the middle-class and promote more affordable post-secondary education. As always, any ideas or comments you have are welcome and we will be sure to pass your ideas onto both the President and Senator Merkley!
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