Elizabeth Warren's loan bill offers a lifeline to America's indebted students

By Sam Blum. With interest rates on $1tn of student debt set to double, inaction by Congress means college education will become unaffordable. With the interest rate on federal student loans set to double – from 3.4% to 6.8% – on 1 July, representatives are flooding Congress with a plethora of bills aimed at remedying America's student loan problem. Most bills coming out of the Senate and House are quite similar, with minor variations of emphasis on interest rate caps, prevailing market trends and so forth. But the bold approach of one bill, authored by Democratic Senator from Massachusetts Elizabeth Warren, offers the best chance of tackling a crisis that now affects 37 million loan debtors in this country, and which accounts for more than $1tn owed to the federal government. Read more...