Rep. Susan Davis (D-Calif.) has introduced legislation that would do away with all administrative fees on federal student loans.
Davis argued that eliminating the fees, which vary from one to four percent of loans, would allow students to save $1.5 billion annually.
{mosads}”Federal student loans are an investment in our nation’s future. We need to be sure we are getting a good return on that investment by ensuring graduates can contribute to the economy when they leave college,” Davis said.
Earlier this year, the Senate failed to advance a bill offered by Sen. Elizabeth Warren (D-Mass.) that would allow people to refinance their student loan debt.