Bill Clark/CQ Roll Call
- A pair of Democrats introduced a bill to eliminate interest on existing federal student loan balances.
- It would also cap interest at 4% for future borrowers.
- Interest on federal balances will begin accruing again in September after a more than three-year pause.
A pair of Democratic lawmakers want to get rid of the interest that keeps student-loan borrowers' balances growing.
Last week, Connecticut Rep. Joe Courtney and Vermont Sen. Peter Welch introduced the Student Loan Interest Elimination Act, which would refinance the interest on all existing federal loans to 0% and cap interest rates for futures borrowers.