Relief could be on the way for the millions of college grads nationwide who are burdened with student loan debt.
More than a dozen members of the Senate, including Wisconsin Sen. Tammy Baldwin are supporting a new emergency loan act.
The Bank on Students Emergency Loan Refinancing Act would allow people with outstanding loan debt to refinance loans at today's lower interest rates.
Currently, people are not allowed to refinance student loans in the same way they would a mortgage or car loan.
Nationwide, about 40 million people have outstanding student loan debt.
About 30% of those student loans are in default.
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