WLS - Durbin Seeking to Decrease College Loan Debt

News Article

By Bill Cameron

hursday in Washington, Senator Dick Durbin is introducing a bill to try to ease the burden of college loan debt.

The idea is to refinance college loans from the private sector to the much lower rate of college loans from the federal government. Durbin says the difference would be paid for by raising the federal income tax rate on millionaires.

"The problem is we go to the other side of the aisle and say we want to refinance college loans, it's gonna take some money to do it, we'll put in the buffet rule so that millionaires, millionaires pay more in their income taxes and they say we don't want any part of it," Durbin said. "We will not increase taxes on anybody. Well, by taking that position, they're sticking 44 million Americans with college loan debts with higher interest rates and all the problems they generate."

Republicans beg to disagree, but even if Durbin loses, his fellow Democrats think they've got a tailor-made campaign issue to use against the GOP.

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