Saying that student borrowers have been left out of the "refinancing boom" that has resulted from low interest rates, Campus Progress, a branch of the Center for American Progress called for a federal program allowing refinancing for student loans — including private student loans — at a lower rate. Unsubsidized undergraduate loans, and all graduate loans, currently have a 6.8 percent interest rate. (The interest rate for federally subsidized student loans is set to double to 6.8 percent on July 1.) "Reduced student loan costs boost the likelihood of repayment while also stimulating the economy by freeing up income that can be used and spent in other sectors of the economy," the group wrote.