As the college graduating class of 2014 contemplates their future, tackling the largest student loan debt in history, a staggering 1.2 trillion dollars tops their to-do list. That’s a Trillion with a “T,” a one followed by 12 zeroes (1,000, 000, 000, 000). To put this in perspective – student loan debt now surpasses auto loans ($783 billion) and credit card debt ($679 billion). The debt amount is not just a number; it’s an economic crisis that demands our immediate attention.

According to the “Bank On Students Emergency Loan Refinancing Act” fact sheet, this year alone, the federal government will make $34 billion off of students.

If Congress doesn’t act on Senator Elizabeth Warren’s (D-Mass) “Bank On Students Emergency Loan Refinancing Act” bill S. 2292 before July 1st, that amount will increase when the Stafford loan interest rate goes from its current rate of 3.4 percent to 6.8 percent.

• The ‘Bank On Students Emergency Loan Refinancing Act’ bill is a lifeline for college graduates. It proposes that students be allowed to refinance their loans at the same Federal Reserve interest rate that banks were charged in 2013 – a mere 0.75%. The legislative bill could significantly alleviate the burden of student loan debt. It also asks the Federal Reserve to fund the student loan program, which the Department of Education administers.

However, as of May 6th, S. 2292, the “Bank on Students Emergency Loan Refinancing Act,” is in committee.

Student loan borrowers in the 2014 graduating class will have a 6-month grace period before their first loan payment becomes due.

If this bill becomes law, it will mean the difference between students paying $957.03 and $9524 interest on a $25,000 loan.