ALBANY, N.Y. (CBSNewYork/AP) — Sen. Charles Schumer is calling on Congress to allow college graduates to refinance their student loan debt to get the same interest rates now offered to current students.
The New York Democrat is co-sponsor 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.
“If you have a mortgage in New York state at a high interest rate, the law allows you to refinance,” Schumer said during a news conference in Greenwich Village. “But since student loans are governed by the federal government, the federal government does not allow you to refinance.”