People with high interest student loans may be getting a break soon.
New York senator Kirsten Gillibrand will propose a bill this week that would cap student loans at four percent.
That would impact about nine of every ten student loans and save borrowers 37–billion dollars in interest annually.
Critics say it could potentially hurt private lenders and investors.
Rhode Island Congressman David Cicilline introduced a similar bill aimed at keeping interest rates low.
"There's no reason the we should be, that the federal government should be making money on the backs of students who are trying to pursue higher education. We have to prevent these interest rates from doubling and in fact reduce them so we are giving them the same deal we are giving the big banks," said Cicilline.
Cicilline calls student debt one of the greatest obstacles facing young people today.