NATIONWIDE -- People are just rounding out commencement season for college graduates and while congratulations are in order, so is a hard look at your savings.
In his weekly address, President Obama spoke about efforts to help graduates with student loan debt.
While having a degree can lead to a higher income, it can also mean a heavy debt load. And interest on top of that creates an even heavier burden for recent grads. That's why the president is now pushing legislation that would let students refinance their student loans.
He says the program would be paid for by the government by closing loopholes that give tax breaks to people with higher incomes. And he says now, it's up to Congress to make that a reality. That bill comes from Massachusetts Senator Liz Warren.
It's expected to come to a vote on the senate floor next week.