New York Refinancing Student Loans

New York's Senior Senator is pushing a plan that would allow undergraduate students with an outstanding balance to refinance their loans at today's lower rate. Senator Chuck Schumer say the bipartisan student loan certainty act of 2013 set the undergraduate loan interest rate at 3.86 percent for the 2013-2014 school year. However, borrowers who took out loans before 2013 are paying nearly 7 percent or higher in interest rates. Schumer's proposal would allow borrowers to pay back their outstanding loans at today's rates.