Uniondale, N.Y. - Sen. Charles Schumer is pushing a plan in the Senate that would allow undergraduate borrowers with outstanding student loan debt to refinance at today's lower rates.

The New York senator is scheduled to outline the proposal at Hofstra University on Monday. 

He says the Bipartisan Student Loan Certainty Act of 2013 set the undergraduate student loan interest rate at 3.86 percent for the 2013-2014 school year. 

But he says borrowers who took out loans before 2013 are paying nearly 7 percent or higher. Schumer will announce new legislation that will allow them to pay back their outstanding loans at the same rates as new borrowers.