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.
The latest U.S. Department of Education figures show Missouri’s average student loan default rates are lower than the national average and institutions paired with the Missouri Department of Higher Education have even lower rates.