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.
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