Schumer urges Congress to allow student loan refinancing

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Chuck Schumer AP

U.S. Sen. Charles Schumer (AP)

ALBANY, N.Y. (AP) — Sen. Charles Schumer is calling on Congress to allow current workers to refinance their student loan debt to get the same interest rates now offered to current students.

The Democratic is pushing legislation that would let students and former students who took out a student loan before 2013 refinance their debt to get an interest rate of 3.86 percent. That’s the same rate now offered to new borrowers.

Schumer says the legislation would save 2.5 million New Yorkers an estimated $12.5 billion over the life of their loans. The legislation would apply to both public and private student loans.

The average student loan debt in New York is $30,000.