Sen. Gillibrand proposes bill lowering student loan debt - KMSP-TV

Sen. Gillibrand proposes bill lowering student loan debt

Posted: Updated:
NEW YORK (MYFOXNY) -

U.S. Senator Kirsten Gillibrand (D-NY) announced a new legislation to reduce debt on federal loans. 

Gillibrand is proposing the "Federal Student Loan Refinancing Act" which will enable students and graduates to refinance their loans at a fixed rate of four percent.

The senator, who was joined by New York City students, graduates and officials at a press conference, says New Yorkers owe an average of $30,000, so this would lower their debt by almost $10,000.   

"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," said Senator Gillibrand. "Our young people should be able to refinance in the same way that our businesses and homeowners do. We must strengthen our middle class families instead of forcing New Yorkers deeper into debt. Keeping a high-quality education in New York affordable is the right thing to do."  

Gilliabrand said most loans have higher interest rates than six percent. 

There are 2.7 million New Yorkers who have student loan debt.

Graduates are facing a tougher time repaying their college loans as student debt nearly tripled since 2004, with New York graduates facing an average debt of $27,310 last year, according to the Federal Reserve Bank of NY.

  • New York State NewsNew York State NewsMore>>

  • NY brothers invent machine that makes CPR easier

    NY brothers invent machine that makes CPR easier

    Tuesday, July 29 2014 6:40 PM EDT2014-07-29 22:40:57 GMT
    Only 10 percent of people who get CPR from a bystander actually survive. But two young men in Westchester County have now patented a device that could dramatically increase those odds and save lives. John and Chris DiCapua's sitting room in their parents' Westchester County home has had a unique guest lying around for quite a while now: a CPR dummy. What began as an idea from their time as Boy Scouts is now a device that could potentially save lives.
    Only 10 percent of people who get CPR from a bystander actually survive. But two young men in Westchester County have now patented a device that could dramatically increase those odds and save lives. John and Chris DiCapua's sitting room in their parents' Westchester County home has had a unique guest lying around for quite a while now: a CPR dummy. What began as an idea from their time as Boy Scouts is now a device that could potentially save lives.
  • Scenes for "Girls" to be shot at SUNY New Paltz

    Scenes for "Girls" to be shot at SUNY New Paltz

    Tuesday, July 29 2014 2:51 PM EDT2014-07-29 18:51:27 GMT
    Some scenes for the HBO series "Girls" will be shot at the State University of New York at New Paltz.  The series star and creator Lena Dunham will reportedly be directing scenes Tuesday afternoon on the campus 75 miles north of New York City.
    Some scenes for the HBO series "Girls" will be shot at the State University of New York at New Paltz.  The series star and creator Lena Dunham will reportedly be directing scenes Tuesday afternoon on the campus 75 miles north of New York City.
  • NY teacher tenure system faces new legal challenge

    NY teacher tenure system faces new legal challenge

    Monday, July 28 2014 10:14 PM EDT2014-07-29 02:14:16 GMT
    An educational advocacy group led by former CNN journalist Campbell Brown is challenging New York state's teacher tenure system, filing a lawsuit Monday that alleges that job protections unfairly shield bad teachers. Seven parents of public school children from New York City and Rochester are the plaintiffs in the lawsuit, filed in Supreme Court in Albany.
    An educational advocacy group led by former CNN journalist Campbell Brown is challenging New York state's teacher tenure system, filing a lawsuit Monday that alleges that job protections unfairly shield bad teachers. Seven parents of public school children from New York City and Rochester are the plaintiffs in the lawsuit, filed in Supreme Court in Albany.
Powered by WorldNow

KMSP-TV
11358 Viking Drive
Eden Prairie, MN 55344

Phone: (952) 944-9999
Fax: (952) 942-0455

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices