Students are drowning in debt, so lawmakers propose a solution...but how will it work?

College graduates are drowning in debt; is there a solution?

MILWAUKEE (WITI) -- The average college student in Wisconsin graduates with $30,000 in loans! Help may be on the way -- but the idea is controversial.

At the University of Wisconsin-Milwaukee, some students are getting ready to graduate.

"I'm a senior. I graduate on Sunday," Tori Fono said.

But even though these graduates will soon be done with college -- they won't be done paying for it!

"I have multiple student loans for every semester," 23-year-old Larry Robe of West Allis, an economics major said.

Along with their degrees, many college students are graduating with thousands of dollars of debt!

"Over $40,000 that I'll have to spend on paying loans back. It was nice while it lasted, but once I have to pay it back, it will suck," Fono said.

Upside down and under water, some 40 million Americans carry student debt.

The average graduate in Wisconsin owes $30,000!

A coalition of Democratic senators -- led by Wisconsin's Tammy Baldwin are proposing a solution to the student loan debt crisis: refinancing student loans.

"We know that student loan debt is really spiraling out of control," Sen. Baldwin said.

"I went to six different banks. My mom didn't want to sign for a loan, and I don't blame her. So I worked for loans, and it stacked up," 22-year-old Mikael Luter of Whitefish Bay a senior pre-law student said.

Luter estimates it will take him 32 years to pay off his student loans.

"One of the issues, regrettably, is Congress has chosen to take in revenue -- in other words, profit off of student loan interest rates," Sen. Baldwin said.

According to the Government Accountability Office, the federal government expects to make $66 billion in profits on student loans.

That's where the political controversy starts.

Providing lower interest rates would mean money would have to come from elsewhere.

"We've proposed using the Buffett Rule -- and the basic premise is to give students a fair shot at a bright future, we're asking millionaires and billionaires to pay their fair share in taxes," Sen. Baldwin said.

Last year, a number of Republican senators, including Wisconsin's Sen. Ron Johnson voted to block a similar piece of legislation.

Getting help to pay for college should always start with the FAFSA -- or Free Application for Federal Student Aid. There's a host of information related to application deadlines, filing options and more.

StudentLoans.gov is also a valuable resource to prospective college students. Visitors will be able to find out what they need to apply for a loan, what to expect out of the process, and even secure information about repaying loans.

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