allow those with federal student loan debt to refinance at today's lower interest rates.

The government has already acted to keep the current student loan interest rate at 3.4% for the time being, but this doesn't help a large portion of those with student loan debt. If you've already consolidated your federal loans at a previous, much higher rate that will likely remain the interest rate you pay for the life of the loan. Having already consolidated federal loans once you may not consolidate again unless you take on more federal loans. In addition to this consolidation system, it is time to allow borrowers of federal student loans to refinance those loans when interest rates are lower. This will easily save borrowers thousands of dollars and lower monthly student loan payments, making current student loan debt easier to pay down.