Missouri US Senator Claire McCaskill has received an earful of comments from debt-ridden University of Missouri students during a discussion of her plan to cut interest rates on federally subsidized student loans.
The Democratic senator met with 16 students Thursday in Columbia to build support for the proposed Bank on Student Loans Fairness Act. The bill seeks to reduce the current interest rate of 3.4 percent on subsidized Stafford loans to 0.75 percent for one year.
McCaskill says the lower rate is on par with a discounted, short-term rate offered to banks by the Federal Reserve.
The U.S. House voted last week in favor of variable student loan interest rates to avoid an automatic increase to 6.8 percent on July 1.