Newly introduced legislation provides a chance to refinance college student loan debt.

West Virginia Sen. Shelley Moore Capito is a co-sponsor.

The bill provides college graduates the opportunity to restructure their loans the same way they can refinance home, car or small business loans.

West Virginia has one of the highest default rates, Sen. Capito says. So this uses the private sector, financial institutions to allow those good student loan borrowers to refinance their debt to get it under better control.

Sen. Capito says even if federal interest rates rise, theyll still likely be well below rates of seven per cent or more on typical college loans.

As of 2013, the average student loan debt in West Virginia was more than $27,000.

The bill was introduced Wednesday.