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.
Sen. Claire McCaskill spoke on the University of Missouri Columbia campus Tuesday to kick off her “On Our Campus, On Our Side” tour.
The Democratic incumbent told students it’s important to keep Pell Grants and federal student loans available to sustain education. McCaskill says her opponent, Rep. Todd Akin, wants to eliminate student loans and that would hurt the middle class.