Republican Student Loan Forgiveness? New GOP Bill Would Reduce Interest

A Republican congressman has introduced a student loan reform bill that, if enacted, could benefit millions of borrowers through lower interest rates. Rather than provide immediate relief via student loan forgiveness of a borrower’s principal balance, the Affordable Loans For Students Act would significantly reduce federal student loan interest rates going forward. The legislation would also give borrowers a pathway to refinancing their loans within the federal student loan system — an option that is not available to borrowers today.