Durbin Proposes Overhaul For College Debt System

Published 05/29 2014 05:05PM

Updated 05/29 2014 05:34PM

NORMAL – U.S. Senator Dick Durbin stopped by Illinois State University Thursday to discuss the troubling trend of student debt.

Durbin spoke about his plan that would help refinance student loans to 3.8 percent interest for undergraduates over the next 10 years.

In order to pay for the $160 billion project, Durbin is proposing a "Buffett Rule". That's an idea from billionaire Warren Buffett, which would tax 30 percent of all income from millionaires.

"As far as I'm concerned, it's not a bad idea. I think it's a very good idea. So, we're going to try to put this together on a bipartisan basis and pass it. We may not do it the first time around, but I'm hoping that parents, our students, will stand up and say, 'this is worth a fight,’” said Durbin.

Durbin says the proposal does not have the support of everybody in congress. He added a third of ISU’s graduates finished school debt free. The average student has about $28,000 in debt.

Copyright 2016 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.