We recently reported on the efforts of Senator Elizabeth Warren (D-MA) to link federal direct student loan rates to the discount rates paid by banks (currently 0.75%).

Now comes Senator Kirsten Gillibrand (D-NY) with a measure of her own -- one which would permit students to refinance their government loans at 4%.

While we certainly prefer 0.75% to 4%, these rates are better than 6.8% (current rate for unsubsidized loans, and rate to which subsidized loans will climb on July 1 unless Congress acts).

We need to get a handle on student debt in this country. Our entire economy depends on it. Lowering the interest rates to more manageable levels -- if not what banks pay, then, surely, what common folks pay to secure mortgages on their homes -- would be a very good start.

Plan. Prepare. Prevail!

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