Schumer Pushes Student Loan Refinancing Reform

Published 05/19 2014 04:19PM

Updated 05/19 2014 05:25PM

U.S. Senator Chuck Schumer is pushing his own reform to the college loan system that would allow students to refinance their debt at today's lower interest rates.

Schumer says that many recent graduates are locked into loans with rates anywhere from 7 to 14 percent.

He'd like them to be able to refinance their debt using the rate of 3 point 9 percent that accompanies current loans.

Schumer says about 103,000 in the Southern Tier could save as much as $515 million in added interest for the life of their loans if they were allowed to refinance.

Copyright 2017 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.