Feb 20 2014, 11:23am CST | by Shane McGlaun
US Senator Kirsten Gillibrand is pressing a new legislation that could help millions of people in the US struggling under student loan debit. The Federal Student Loan Refinancing Act would allow borrowers who have loans with interest rates above 4% to refinance their loans at a fixed rate of 4% reports the Times Union .
Student loan debt is booming right now with the total amount of debt for education at $1.08 trillion, up from $114 billion the previous year. The only debt group that is higher than student loan debt is mortgage debt.
The big problem with the weak job market in many parts of the country is that students who are graduating are having a hard time finding jobs and that is making it hard to pay their loans and build credit. Student loan debit is also being blamed for slowing the housing recovery with recent graduates unable to buy homes because they can't qualify for homes with student loan debit figured in.
"This is a huge issue for us," David H. Stevens, chief executive of the Mortgage Bankers Association, told the newspaper. "Student debt trumps all other consumer debt. It's going to have an extraordinary dampening effect on young people's ability to borrow for a home, and that's going to impact the housing market and the economy at large."
"I urge President Obama to make refinancing student loans a top priority," the Gillibrand said. "Our young people should be able to refinance in the same way that our businesses and homeowners do."
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