NEW YORK (PIX11)– With so many college students graduating over the weekend many of them will be paying off loans in the coming years.
Senator Kirsten Gillibrand is trying to ease the burden of student loans by proposing new legislation.
More than 422,000 students in New York have borrowed through Stafford loans.
The Federal Student Loan Refinancing Act would lower interest rates for student borrowers paying more than four percent.
The bill allows students to refinance at an interest rate of only four percent.
Right now student debt is at an all-time high of over $1 trillion.
The proposed legislation would save students nationwide over $14.5 billion in the first year alone.
Gillibrand will introduce the bill to the Senate this coming week.