Sen. Gillibrand Proposes School Loan Refinancing Plan

For those with rates above 4 percent

U.S. Sen. Kirsten Gillibrand is hoping to relieve the debt burden of millions of students who have borrowed to pay for their education — especially New Yorkers, who average nearly $30,000 in student debt.

The New York Democrat announced Sunday the Federal Student Loan Refinancing Act, a bill that would lower interest rates for many student borrowers currently repaying their federal student loans.

"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."