Student loan debt is crushing young people. Total debt is now $1.2 trillion, more than all outstanding credit card debt in America. The overwhelming burden of student debt keeps young people from buying homes, buying cars, starting small businesses, saving for retirement, and making purchases that strengthen our economy.

Last year, the vast majority of Republicans agreed that federal student loan interest rates were far too high, and Congress lowered the rates this year for new borrowers. But nothing was done for the millions of people still stuck with existing high interest rate loans.

We should give students and their families a fair shot to afford a college education without crushing debt by giving borrowers the opportunity to refinance their student loan debt to the same lower prices agreed upon for new student loan borrowers this year.