URBANA-- Americans are now paying off more debt for their college education than credit cards. But a proposed federal program is aiming to cut the costs of student loans for current students.
The U.S. Senate passed a new student loan program Wednesday. The 10-year program would cut the interest rate for undergraduate students from 6.8 to 3.8 percent, with a cap of 8.25 percent.
Senator Dick Durbin (D-Ill.) joined University of Illinois students Friday in support of the bill.
"Many students find themselves swamped with debt," Durbin said. "[They're] trying to make decisions in life, and the first thing they have to worry about is paying back that student loan."
Supporters are putting pressure on the House of Representatives to pass this bill next week. That way students can benefit from the lower interest rates during the upcoming school year.