WASHINGTON, D.C. (WPRI) - Rhode Island's senior senator unveiled legislation Wednesday aimed at preventing student loan interest rates from doubling for millions of Americans.
Senator Jack Reed is among the sponsors of a bill that would maintain the current interest rate of 3.4% for federally-subsidized Stafford loans.
The rates are scheduled to increase to 6.8% on July 1.
Senator Reed spoke about the legislation at the University of Rhode Island earlier this month. He said 36,000 Rhode Islanders have federally-subsidized Stafford loans and would be subject to considerably higher monthly payments if the interest rate increase is not blocked.
Nationally, 7.4 million students are affected.
A recent report found that student loan debt in the U.S. now tops $1 trillion, surpassing both credit card and auto loan debt.
Iowa Senator Tom Harkin and Ohio Senator Sherrod Brown joined Senator Reed in introducing the legislation.
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