Senator Bill Nelson is introducing a bill aimed at reducing student loan rates. The central Florida democrat’s bill also would allow people with existing student loans to refinance them.

Nelson said, “The only way America is competitive in the global marketplace is to be more creative and more inventive and more ingenious. That’s our cutting edge. And that means you have to have an educated workforce.”

The bill would cap rates at 4 percent. It also would eliminate loan origination fees, which students must pay to have their loans processed.

More than 42 million Americans have outstanding student loan debt. The average college graduate has more than $37,000 of debt.