Allow Borrowers To Refinance Federal Student Loans At A Lower Interest Rate

Although the Obama Administration has announced an initiative that will allow students graduating in 2012 to enroll in a income based repayment plan, this initiative does not apply to recent graduates who are paying high interest rates with no hope of lowering them. This petition calls for the Obama Administration to create a method for graduates holding Federal loans to refinance to take advantage of lower interest rates.
This is not about loan forgiveness.
Mortgages on homes average 4% nationally, Banks are borrowing money at under 1%...graduates from the last decade are paying student loans at 6-8% with no mechanism to pay a lower rate. Allowing borrowers to refinance at a lower rate will put more money in graduates pockets, which will allow us to actually stimulate the economy.