We recently reported on the efforts of Senator Elizabeth Warren (D-MA) to link federal direct student loan rates to the discount rates paid by banks (currently 0.75%).

Now comes Senator Kirsten Gillibrand (D-NY) with a measure of her own -- one which would permit students to refinance their government loans at 4%.

While we certainly prefer 0.75% to 4%, these rates are better than 6.8% (current rate for unsubsidized loans, and rate to which subsidized loans will climb on July 1 unless Congress a...
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