Good news for some college graduates who may have student loans. Some U.S. Senators including Shelley Moore Capito announced a new act that helps fight student loan debt.
We talked to some of you who are facing student debt to see if you think this new act will help.
The new "Student Relief Act of 2015" will help people refinance their federal loans into the private market and take advantage of lower interest rates, but it was a mixed reaction when we talked to people. Some think it will help, but others said it might not apply to them.
One college graduate messaged a 5 News reporter on Facebook and said that she got her undergrad from West Virginia University and a masters from Florida State. She said even with scholarships her loans are outrageous and she's struggling to make ends meet. She also said she isn't sure this new act will help her situation.
Another WVU grad we talked to said anything helps because so many graduates are already drowning in debt.
"I think anything that they could do would help because the tuition rates are absolutely ridiculous and kids are getting over their heads in debt and they can't even afford their cell phone payments, and their parents are paying for their car payments and everything," said William Host, a WVU grad.
We also spoke to Senator Capito and she said that if students can get lower interest rates then making their payments is much more doable.
"We think in this lower interest rate environment, most students would be able to do it and it would reduce monthly payments, increase your repayment rates and then free up portions of your salary that you could be using for your family in other ways," Capito said.
Capito also told said the average student loan debt in our state is around $27,000 per student, but she hopes that in time this act will help lower that.