Sen. Gillibrand to Propose Bill That Would Lower Student Loan Interest Rates

This article was written by C. Zawadi Morris. 

U.S. Sen. Kirsten Gillibrand announced on Sunday her plans to introduce the Federal Student Loan Refinancing Act, a bill that would lower the interest rates for many student borrowers in New York, especially those who average nearly $30,000 in debt, reported the Times Union.   

The bill, which she plans to introduce later this week, would enable students and graduates who have an interest rate above 4 percent to refinance their federal loans at a lower, fixed rate, impacting nearly nine in 10 federal student loans nationwide.

"More city graduates and middle class families are burdened by student loans than ever before and are struggling to repay a higher amount of debt than ever before," said Gillibrand. "Our young people should be able to refinance in the same way that our businesses and homeowners do."