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Franken pushes student loan reforms

WASHINGTON, DC (KFGO AM) -- Minnesota Senator Al Franken is urging his colleagues and the public to support his Student Loan Emergency Refinancing Act.

Franken says the legislation he co-sponsored will help students and families saddled by college loan debt, allowing students and graduates with existing loans to refinance and take advantage of lower interest rates -- the same way homeowners do with mortgages.

Franken says those currently paying nine or ten percent interest could refinance for a rate under four percent.

Minnesota has the fourth highest average four-year loan debt, at more than $30-thousand per student.