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Congressman Pocan wants college grads to refinance student loans

MADISON, WI (WTAQ) - College graduates could refinance their student loans, under a bill proposed by Wisconsin's newest U.S. House member. 

Madison Democrat Mark Pocan held a news conference in his home district Thursday, to discuss a bill he says would make college more affordable -- and prevent adults from being dragged down economically by their long-running student debt. 

Pocan's bill would let people get the lowest interest rates possible on refinancing student loans, just like they do with homes and cars. He says students face limited options to refinance their college loans. 

Pocan's bill would remove such restrictions and let those with federal Stafford and Direct PLUS loans to refinance to get lower interest -- thus giving them more buy homes and cars.  

Pocan says college grads are bankrolling Washington with total student debts of over a trillion dollars, more than the nation's total credit card debt. 

The Wisconsin Public Interest Research Group says the average student loan balance in the state is just over $26,000.