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U.S. Senator Tammy Baldwin vows to fight for lower student loan rates

Student Loan Debt (courtesy of marketplace.org)
Student Loan Debt (courtesy of marketplace.org)

WASHINGTON D.C. (WTAQ) - U.S. Senator Tammy Baldwin promises to be among those fighting for lower student loan interest rates when Congress returns from its July 4th holiday.

The federally-subsidized Stafford rates automatically doubled on Monday to 6.8 percent. That’s where they’ll stay unless Congress does something to lower them.

At least some Republicans say the market should determine the rates.

Baldwin, a Wisconsin Democrat, will discuss the topic today at UW-Madison. She tells WKOW-TV in Madison that she co-sponsored a bill to cap student loan interest at the previous 3.4 percent – and to make it retroactive to Monday.

Baldwin said the lower rate would only be in effect for a year but she said it would give Congress time to work on, “broader issues.”