The bill proposed by Senator Warren addressed this issue in two key ways. First, it would allow eligible borrowers to refinance their federal student loans through a federal refinancing program. For example, borrowers with Direct and Federal Family Education Loan (FFELP) loans would have been able to refinance to the lower interest rates of 2013-2014.
Second, borrowers who were in good standing would have been able to refinance private student loans through the same federal program and receive the 2013-2014 rate. Any private student loans refinanced into federal student loans would be given all of the protections of the federal student loan program.Read more