Sen. Gillibrand proposes bill lowering student loan debt

Sen. Gillibrand proposes bill lowering student loan debt

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NEW YORK (MYFOXNY) -

U.S. Senator Kirsten Gillibrand (D-NY) announced a new legislation to reduce debt on federal loans. 

Gillibrand is proposing the "Federal Student Loan Refinancing Act" which will enable students and graduates to refinance their loans at a fixed rate of four percent.

The senator, who was joined by New York City students, graduates and officials at a press conference, says New Yorkers owe an average of $30,000, so this would lower their debt by almost $10,000.   

"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 Senator Gillibrand. "Our young people should be able to refinance in the same way that our businesses and homeowners do. We must strengthen our middle class families instead of forcing New Yorkers deeper into debt. Keeping a high-quality education in New York affordable is the right thing to do."  

Gilliabrand said most loans have higher interest rates than six percent. 

There are 2.7 million New Yorkers who have student loan debt.

Graduates are facing a tougher time repaying their college loans as student debt nearly tripled since 2004, with New York graduates facing an average debt of $27,310 last year, according to the Federal Reserve Bank of NY.

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