SACRAMENTO (CBS13) — At least 40 million Americans are burdened by student loan debt with thousands more getting ready to graduate with a degree and a mountain of debt.

Rep. John Garamendi is proposing a bill that would ease the strain for students.

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Whitney Menary is preparing for medical school and carrying a debt.

“Anywhere from 26,000 the highest 67,000,” she said.

That’s every year.

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“I will have close to $200,000 in debt after graduating from med school if not more,” she said.

Garamendi introduced a loan refinancing bill hoping to give students a break. Currently undergraduates have an interest rate of 4.29 percent, graduates have a 5.84 percent rate, and parents and post graduates have a 6.84 percent rate. All borrower rates would be lowered to 3.23 percent.

Garamendi says that means an Undergraduate student with average loan debt of $35,051 would save $2,760, and a Graduate student with average loan debt of $57,600 would save $3,480.

The federal government will make $138 billion profit off the backs of the students. It’s a savings many students say would relieve debt stress now and in the future.

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Garamendi says he is confident he can get this passed and is presenting it to colleagues next week. He hopes to have it in place later this year.