There is legislation at the federal level that would allow for the refinancing of federal student loans. But, so far, Republicans have stood en masse against it.
In June 2014, Democrats had fifty-six votes in favor of Senator Elizabeth Warren's Bank on Students Emergency Loan Refinancing Act. Republicans blocked it using the same legislative sixty-vote obstructionism they used in the unprecedented theft of a Supreme Court seat in 2016.
Former Department of Education Secretary and current Republican Senator Lamar Alexander of Tennessee, who heads the Senate committee overseeing education, defended Republicans' inaction on loan refinancing: "This is not a serious proposal. It's not going to help people. College graduates don't need a dollar-a-day tax subsidy to pay off their loan. They need a job."
Alexander displayed the same tone-deaf inanity offered by many older bootstraps Republicans who basically went to whatever college they wanted to for a tiny fraction of the cost of higher education today.
And on the charge of it being a "tax subsidy," this...