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New legislation being pushed in Congress would allow college graduates saddled with heavy student loan debts a chance to refinance their loans at a lower interest rate.

Sen. Kirsten Gillibrand, D–N.Y., is among a group of senators advocating for the Bank on Students Emergency Loan Refinancing Act, which was introduced last week by Sen. Elizabeth Warren, D–Mass.

While low interest rates have allowed homeowners, corporations and municipal governments to refinance their debts and save money, Gillibrand said students and families who take out loans to pay for higher education have been left behind in the nation’s refinancing boom.

The proposed legislation would provide college graduates with a six-month window to reduce their rates on all federally owned student loans.

College graduates from New York have an estimated $60 billion in student loan debt, with an average debt of $27,000 per graduate, according to Gillibrand.

“This high amount of student debt is dragging down our economy, stopping graduates from buying homes and cars, or starting businesses and families,” Gillibrand said. “The solution is right in front us – our graduates should be able to refinance their debt in the same way that our businesses and homeowners do. This will help to strengthen our middle-class families instead of forcing us deeper into debt. When we price young people out of a college education, we all pay a price. We can’t afford any more delay.”