Sen. Edward Kennedy (D-MA) introduced the Student Debt Relief Act of 2007 (S. 359) along with Senators Durbin (D-IL), Lieberman (D-CT), Mikulski (D-MD), Obama (D-IL), and Schumer (D-NY) as cosponsors.
"A new day has now dawned in Congress, and last week, our colleagues in the House showed they have their priorities right on college costs by cutting student loan interest rates in half," Kennedy stated in the Congressional Record. "Now it’s our turn in the Senate, but we won’t stop there."
In addition to the interest rate cuts in H.R 5, S.359 offers increased Pell grants, and a return to in-school consolidation.
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