WASHINGTON Sen. Kirsten Gillibrand (D-NY) last week introduced the Federal Student Loan Refinancing Act, which would enable federal student loan holders with interest rates above 4% to refinance those loans at a fixed rate of 4%.
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In a released statement, Gillibrand said such a refinancing would reduce interest rates for nine of 10 student loans in the country.
The new legislation comes less than six weeks away from a July 1 date to double the federal student loan rate to 6.8% from the current 3.4%, unless Congress acts to change it.
