What is Senate Bill S. 793?
This bill would allow borrowers to refinance their student loans at lower interest rates while at the same time consolidating loans and allowing the borrower to make only one payment per month, and deal with only a single loan officer.
The bill affects students dealing with student loan payments.
Cost of Senate Bill S. 793
The math here is a little complicated. The bill spends $51 billion over the next decade. However, the bill also plans to introduce a minimum tax of 30% for those making more than $1 million a year. That tax hike would in turn increase federal revenues by $72 billion over the next decade, leading to a deficit reduction of $22 billion over the same ten-year period.