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Gillibrand touts student loan refinancing legislation

Gillibrand touts student loan refinancing legislation

Photo: WHCU

New York State graduates are saddled with roughly $60 billion in federal student loan debt, and a measure introduced in the Senate is looking to let them refinance loans at lower rates.

Senator Kirsten Gillibrand says allowing the refinancing of student loan interest rates would result in billions in savings nationwide.

National student loan debt is currently at $1.2 trillion.

The Bank on Students Emergency Loan Refinancing Act would allow federal undergraduate loans to be refinanced at 3.86%, and graduate student loans at 5.41%.

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