Rep. Mark Pocan, D-Wis., introduced student loan refinancing legislation Thursday to help make college more affordable, according to a release.
The bill would allow anyone with federal student loans to refinance so they are paying the lowest interest rate available for their respective loans, officials said.
“Instead of relying on college graduates to bankroll Washington’s needs, the federal government should be doing all that it can to make a college education as affordable and accessible as possible,” Pocan said in the release.
Students face limited options to refinance their federal loans once they have graduated from college, according to the release. The new bill would remove any restrictions and allow anyone with a subsidized or unsubsidized federal Stafford loan, or a federal direct PLUS loan, to refinance their loans whenever the interest rates are reduced.