Sen. Kirsten Gillibrand, D-N.Y., introduced the Federal Student Loan Refinancing Act in May to allow borrowers that received loans under the Direct Loan or Federal Family Education Loan program after July 1, 2006, to consolidate them into one with an interest rate of 4 percent or less. Instead of paying more than $47,600 over the life of a 20-year, $26,000 loan, the borrower would pay $37,800.
Rep. Frederica Wilson, D-Fla., introduced the Student Loan Borrowers' Bill of Rights Act, which would remove educational loans from the list of debts that can't be discharged in bankruptcy.
The Student Right to Know Before You Go Act of 2013, with Republican and Democratic sponsors, require colleges to report data to offer students cost-benefit analyses comparing how much they can expect to earn in a particular field with how much they will owe after earning a degree in a given subject.
Sen. Marco Rubio, R-Fla., has called for "student investment plans." Private investment firms would cover tuition costs that could be repaid later as a fixed percentage of a graduate's income for a set number of years, regardless of whether that amount covers the total debt. Rubio said that he still owed more than $100,000 in student loans when he became a senator in 2011. His office said he repaid his student loans in December 2012 with proceeds from his autobiography.