West Virginia U.S. Senator Shelley Moore Capito and New Hampshire U.S. Senator Kelly Ayotte have introduced the Student Loan Relief Act of 2015.
It would allow borrowers to refinance their federal student loans into the private market and take advantage of lower interest rates.
New Hampshire has the highest, and West Virginia the third highest, average student loan debt in the country.
The act, if passed, would give the Department of Education the authority for borrowers to refinance federal student loans into the private market with lower interest rates.
“Student loan borrowers should have the same opportunity as individuals with car, home or small business loans to refinance and take advantage of low interest rates,” said Capito.