New York Republican proposes to slash student loan interest rates [Video]

With President-elect Trump set to return to the White House in January, the sun appears to be setting on the Biden administration’s student loan handout spree. 

But one moderate New York Republican still thinks Congress should act to ease the debt burden carried by borrowers. Rep. Mike Lawler, R-N.Y., introduced legislation this week that would slash the interest rate on federal student loans from 3.5% to just one percent.

“There’s no question that we have a student loan affordability crisis in this country,” Lawler told Fox News Digital in an interview. “And the bill that I’ve introduced would seek to address that legislatively by capping all student loan interest rates at 1%, including retroactively to really help address the affordability crisis by providing low interest student loans.”

Americans owe an estimated $1.74 trillion in federal student loan debt. President Biden had made a campaign promise to eradicate all that debt, but his various …