Three lawmakers recently proposed slashing student loan interest to 2%. Could this game-changing bill save you thousands?

If a new bill passes Congress, it will adjust interest rates on existing federal student loans down to 2 percent.

the fixed interest rate is 8.08%. A Direct PLUS loan is a federal parent loan, available to those looking to bridge the gap if their child's financial aid won't cover the cost of college.

Stephanie is a freelance writer and contributor with over a decade of experience in the personal finance field. While she covers a variety of topics, her expertise centers around loans, insurance ...

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