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Senate Democrats take aim at student loan debt

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Education,Senate,Democratic Party,Lisa Ruhl,Student Loans

Senate Democrats are eager to pass their bill aimed at refinancing student loans, both public and private, at a lower rate.

"Student loan debts now exceed more than a trillion dollars," Senate Majority Leader Harry Reid, D-Nevada, said. "Including more than 200 billion in private student loans."

Senator Chuck Schumer, D-New York, described to growing student loan debt as, "the biggest economic challenge facing the millennial generation."

There are about 40 million people in the United States with student loan debt.

"If we don't do something about student loan debt in America it's going to create a hardship on those recent graduates and heir families, as well as future generations," said Senator Dick Durbin, D-Illinois.

Democrats say they'll use the Buffett Rule to pay for their bill. They're hoping this will turn into a bipartisan effort.

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