The White House says the average Missouri student borrower will save just over $1,500 this school year under bipartisan legislation approved last week in the Senate, which would undo a rate hike that took effect for subsidized Stafford loans on July 1.
U.S. Sen. Claire McCaskill (D-Mo.) took part in a student loan roundtable today on the University of Missouri campus.
She is co-sponsoring the Bank on Student Loans Fairness Act with Sen. Elizabeth Warren (D-Mass.). The bill would reduce the interest rate on federally guaranteed loans for undergraduates from the current 3.4 percent to the 0.75 percent-rate banks receive when they borrow from the government. McCaskill also heard from graduate and professional degree students in attendance who said their loans should be part of the discussion.