U.S. Sen. Elizabeth Warren has said "borrowers should be able to refinance their student loans to take advantage of lower interest rates, the same way people refinance a mortgage."
Actually, some borrowers, especially those with good credit and income, already have refinanced their student loans to reduce their interest rates and save thousands of dollars over the life of their loans with private lenders.
And greater competition among private lenders recently has made student loan refinancing more accessible to borrowers.
The average borrower can save nearly $14,000 by refinancing their student loans, according to calculations by Credible, an online marketplace for lenders that offer student loan refinancing.
Tom Anderson | CNBC