WASHINGTON -- Senator Elizabeth Warren, a Massachusetts Democrat, is using an unusual tactic to promote a bill she proposed on student loan interest rates: asking for "citizen co-sponsors" for the legislation. The bill, one of many proposals put forward in recent weeks to stop the interest rates for subsidized student loans from doubling as planned on July 1, would reduce student loan interest rates to 0.75 percent for a year -- the rate at which the Federal Reserve lends to major banks.
President Obama and House Republicans want a market-based rate for student loan interest; some Senate Democrats would prefer to extend the current subsidized loan interest rate of 3.4 percent while they work to reauthorize the Higher Education Act.
So Warren's measure isn't likely to pass. But as the first stand-alone legislation from the closely watched freshman senator, it has generated considerable interest online. "If Congress doesn't act by July 1, our students will pay nine times more than big banks," Warren said in an e-mailed appeal to supporters sent via a liberal political action committee, Democracy for America. "Our students are the engine of our economic future, and they deserve at least the same deal as Wall Street."
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