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Lawler bill would drop interest rates on college loans to 1% to ease student debt burden

Representative Mike Lawler has introduced a bill aimed at reducing the financial burden of student loans by lowering the interest rates on federal student loans. The proposed legislation would cap interest rates at 4% for undergraduate loans, 6% for graduate loans, and 7% for Parent PLUS loans. This initiative comes in response to the growing concern over the escalating costs of higher education and the subsequent debt that many students face upon graduation. Lawler's bill seeks to make education more affordable and manageable for borrowers by aligning interest rates more closely with current economic conditions, thereby reducing the overall cost of borrowing for education. The bill has garnered support from various stakeholders, including education advocates and some fellow legislators, who argue that lower interest rates could help alleviate the student debt crisis.

Read the Full The Journal News Article at [ https://www.lohud.com/story/news/politics/2024/11/25/student-loan-interest-would-drop-to-ease-debt-burden-under-mike-lawler-bill/76565427007/ ]