Lawmakers in Washington are looking to help college students pay off their student loans.
On Thursday, the Senate Democrats unveiled the Reducing Educational Debt, or "RED" Act. This legislative package would let students refinance their loans at a lower interest rate. It would also offer students more government aid, and offer two free years of community college.
"The federal government is making a profit off the backs of these students burdened with loans," said Senator Charles Schumer. "We'll reduce it down to the actual interest rate. We save each student thousands of dollars."
The announcement comes after President Barack Obama called to expand the Pell Program, which encourages students to take a full course-load in order to complete degrees at a faster rate, ultimately saving money.
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