Updated 05/19/2013 04:33 PM
Gillibrand Wants Fixed Interest Rates For Federal Student Loans
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Sen. Kirsten Gillibrand is proposing new legislation to give students a bit of a break as they try to pay off their school loans.
The Federal Student Loan Refinancing Act would let current students and graduates refinance their federal student loans, known as Stafford loans, at a fixed 4-percent interest rate.
The interest rate on Stafford loans is set to double to 6.8 percent in July, if Congress does not act to prevent it.
Gillibrand says the average New York student owes more than $27,000.
She also says more than 10 percent of graduates are delinquent on repayments.