Senator Casey Pushes Legislation To Lower Student-Loan Interest Rates

By Pat Loeb

PHILADELPHIA (CBS) -- Financial experts have warned that student debt is hurting economic growth, but a measure to relieve the burden failed in the U.S. Senate in June.

Supporters of the measure plan to bring it up again in September.

Pennsylvania's U.S. Senator Bob Casey supports the Student Emergency Loan Refinancing Act, which would allow students to do what homeowners and businesses are doing -- lower the interest rate on their debt.

If just four of his colleagues changed their votes, it would pass and he tailored his message to his republican counterpart Pat Toomey -- noting the bill would not only help Pennsylvanians, who have the third highest average student debt but would lower the deficit by $14 billion.

"Those guys in Washington who are always talking about deficit reduction and always talking about families and always talking about values, I hope they would join us in supporting this legislation," Casey said.

Senator Toomey's office says he still opposes the bill.

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