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.
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