US Senator Elizabeth Warren is trying to stir up support for her student loan bill ahead of an expected vote in the Senate next week.
Warren’s bill would let college graduates with existing federal student loans refinance those loans at the lower rates now offered. To help pay for the program, her bill would phase in a minimum tax in 2015 for individuals with adjusted gross income between $1 million and $2 million.
On Monday, Warren and US Representative John Tierney, a fellow Massachusetts Democrat who has sponsored a similar bill in the House, are planning to attend an event where President Obama is expected to address the issue of college affordability.
A Congressional Budget Office report this week concluded the student loan refinancing portion of Warren’s bill would increase federal spending by about $51 billion from 2015 to 2024 while the tax portion would increase revenues by about $72 billion.