Lower student loan interest rates

Garamendi’s Student Loan Refinancing and Recalculating Act would set the interest rate at 3.23% for all borrowers, lowering the stated rates for undergraduate, graduate, and parent and graduate PLUS loans. The proposal is intended to reduce borrowing costs for students and parents.

Context: The passage gives the proposed rates but does not specify how or when borrowers could refinance or recalculate their loans.

In their own words

It would lower the current interest rate of 4.29% for undergraduate borrowers, 5.84% for graduate borrowers, and 6.84% for parent and graduate PLUS loan borrowers to 3.23% for all borrowers.

The source

John Garamendi: See All Issues

Published: Original date not established; campaign context manually checked
Retrieved: 11/10/2026