As college students across the country receive their diplomas, U.S. Senator Kirsten Gillibrand is introducing new legislation that allows students to refinance their college loans at lower interest rate.

Under the Federal Student Loan Refinancing Act, graduates paying an interest rate above 4 percent would have the opportunity to refinance at a 4 percent rate. Currently, the majority of student loans across the U.S have an interest rate of above 6 percent.

Gillabrand said the bill would lower rates for an estimated 90 percent of student loans nationwide. In New York State there are 2.7 million people paying off student loans.