Senate proposal would let some graduates lower interest rate on college debt

The Plain Dealer

Frustrated college graduates with student-loan debt could get relief if U.S. Sen. Sherrod Brown persuades colleagues to briefly allow certain borrowers to swap their high-interest loans for government ones that carry a lower interest rate.

Under the measure the Ohio Democrat introduced Wednesday, graduates would have to act by July 2011 and would only qualify if they took out private loans before July 2010. Their new interest rate would be 6.8 percent.

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