Economists say student loans are the country's second-largest source of debt, and now Sen. Charles Schumer wants to do something about it.
Speaking at New York University, Schumer said graduates should have more options when it comes to paying back their loans.
He's proposing a plan that would allow borrowers with both federal or private undergraduate loans at interest rates of up to 14 percent to be eligible to refinance at today's rate of 3.86 percent.
Schumer said the consequences of student loan debt are far-reaching.
"Student debt, and the high interest rates that students are unfairly paying and recent graduates are unfairly paying, puts a huge burden on their shoulders and a huge burden on our total national economy," he said.
Schumer said as it stands now, the city's 900,000-plus student borrowers will pay an extra $4.5 billion in total over the life of their student loans.