Student loan debt has nearly tripled since 2004 and has currently risen to $1.2 trillion, which is higher than auto loans or credit card debt in the United States, according to Sen. Jeff Merkley’s website.

In early May, Merkley and U.S. Sen. Elizabeth Warren of Massachusetts proposed the Federal Student Loan Refinancing Act. This bill would allow students to refinance older loans with high interest rates to a lower, fixed interest rate of 3.86 percent.

This interest rate was approved last summer under the Bipartisan Student Loan Certainty Act.

Jim Brooks, the director of financial aid and scholarships at the University of Oregon, explained that nearly half of undergrads graduate with student debt.

“During the last school year we had just under 11,000 students who borrowed student loans,” Brooks said. “Our student loan debt at graduation is about $24,500 for students that borrow, but only about 49 percent of our undergraduate students graduate with debt.”

ASUO President Beatriz Gutierrez believes that this bill is a step in the right direction.

“This issue is just getting bigger and we need to begin to address it,” Gutierrez said. “This sounds like a good first step.”

According to Brooks, this bill would help make college a more plausible option for the those hoping to attend, but struggle with finances.

“There are a lot of students for whom student debt is really intimidating,” Brooks said. “They look at the numbers and it really scares them. But if this opens up more doors and makes those numbers more realistic, then I can certainly see it making college more accessible for a lot of people.”

Merkley agreed that students are trapped in high-interest loans that are causing them to accumulate debt faster than they can reasonably pay off.

One act Merkley supports is the Pay It Forward Guaranteed College Affordability Act. The act was passed in Oregon in July 2013. Oregon is currently the first and only state to pass the act.

This act will cover some or all of students expenses in a two or four year program through program funds. After graduation, students will contribute a portion of their income for a set amount of time back to the fund.

“Making college affordable is essential to creating a stronger middle class. We cannot let college become a luxury,” Merkley said in a press release.

This bill will be discussed at the senate floor debate on college affordability later this month.

“We cannot let fear of debt hold back our kids from pursuing their dreams,” Merkley said.