Helping our students
The Federal Student Loan Refinancing Act—reducing the crushing burden of student debt
In our economy, a college education is necessary for a lot of good-paying jobs. But the cost of a college education – everything from tuition to textbooks – has skyrocketed over the last few decades.
Too many New Yorkers are starting their careers with an entire lifetime’s worth of debt.
This is a crushing burden for our graduates, and it’s preventing many of them from being able to move ahead and start their adult lives – all while the federal government continues to make an enormous profit off of that debt.
The Federal Student Loan Refinancing Act would finally let students refinance their loans – from the enormously high 6.8% interest they’re paying now, down to 4%, which is what any other typical borrower would pay for a big loan.
This change would save New York State’s college graduates almost $10,000 in interest payments.