For many with student loans, the interest hurts the most. This congressman would know
Forty-three million Americans owe a collective $1.6 trillion in federal student loan debt. About $85,400 of that belongs to Eric Swalwell.
His debt has followed him from law school to the Alameda County district attorney's office and the Dublin City Council. It was looming in the background a decade ago when he ran for Congress at 31, defeating a 20-term incumbent to represent a Bay Area district, and it was at the forefront of his brief presidential campaign in 2019, when he made it clear he'd be paying off the loans in the White House if he won.
But when President Joe Biden announced his plan last week to forgive up to $20,000 in federal student loan debt, Swalwell's response echoed that of many borrowers who would trade forgiveness for a fighting chance at paying back what they owe: That's great, but what about the interest?
For years, Swalwell, now 41, has been pitching a bill that would set the interest rate on new federal student loans at zero and forgive the interest borrowers currently owe.
"I'm not and never was a supporter of just a blanket cancellation. I knew what I was signing up (for)," Swalwell said in an interview with the Los Angeles Times in
