Gillibrand Announces Legislation To Ease Student Loan Burdens

U.S. Sen. Kirsten Gillibrand (D-N.Y.) has proposed new legislation to ease the burden for students who have taken out loans to pay for their education.

Gillibrand announced Sunday morning new legislation that would allow student borrowers currently repaying their federal student loans to refinance at a lower interest rate.

As WCBS 880’s Monica Miller reported, businesses and homeowners are getting a break on their loans, and Gillibrand thinks college graduates should be too.

“Getting a college degree is the gateway to the middle class in this country,” Gillibrand said. “It’s the gateway to be able to buy a home, start a family, provide for your family.”

But that is all being hampered by crushing loan debt, she said.

“More city graduates and middle class families are burdened by student loans than ever before and are struggling to repay a higher amount of debt than ever before,” Gillibrand said in a statement. “Our young people should be able to refinance in the same way that our businesses and homeowners do.”

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