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Schumer supports legislation to allow college grads to refinance student loans

WASHINGTON – Senator Charles Schumer announced his support for a plan that would allow young professionals with outstanding student debt to refinance at the lower interest rates currently offered to new borrowers.

There are 324,000 student borrowers in the Hudson Valley and under the Senate Democrats’ new plan, would give students a “Fair Shot” at an affordable college education, by allowing borrowers with both federal and private undergraduate loans at interest rates of up to 14 percent to refinance at today’s lower rates of 3.86 percent.

“High interest rates on student loans are creating an anchor around the necks of our young professionals throughout the Hudson Valley as they graduate and enter the workforce, and I am pushing a plan that will aid those individuals drowning in debt,” the senator said on Sunday.