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Sanders: Students hurting from loan costs - WCAX.COM Local Vermont News, Weather and Sports-

Sanders: Students hurting from loan costs

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Sen. Bernie Sanders Sen. Bernie Sanders
WASHINGTON -

Congress is set to tackle student loans again this week.

A procedural vote is scheduled in the U.S. Senate on a bill that would return rates on subsidized Stafford loans to 3.4 percent for one year.

Rates doubled to 6.8 percent July 1 when Congress was unable to reach a deal.

Sen. Bernie Sanders, I-Vermont, is pushing for the rate reduction. He read emails on the Senate floor from Vermonters still already struggling with student loan debt.

"I cannot refinance my house because even though my cars, home and credit card are all perfect on my credit score, our debt-to-income is too high because of student loans," Sanders read.

The rate increase has not affected many students yet because most new loans are signed just before students return to campus in the fall. Existing loans are not affected.

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