Some of the Proposals for Tackling Student Debt

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  • The  Pay-As-You-Earn Repayment Plan
  • Refinancing at Lower Interest Rates
  •  Federal Student Loan Refinancing Act
  • Student Loan Borrowers' Bill of Rights Act
  • Students Should Know Their Rights
  • Student Investment Plans
  • Reducing Student Debt

Federal Student Loan Refinancing Act

Sen. Kirstin Gillibrand, D-N.Y., introduced the Federal Student Loan Refinancing Act last 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.

(Photo: Win McNamee/Getty Images)

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