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An analysis of a popular proposal allowing borrowers to refinance federal student loans finds that most of the benefits of refinancing would be seen by a small number of households with relatively high debt.

The authors of the report from the think tank New America also conclude that low-income borrowers most at risk of default would be better served by increased outreach about income-based repayment plans.

They based their analysis on 2013 legislation introduced by Senator Elizabeth Warren, a Massachusetts Democrat, that would allow borrowers to refinance federal student loans or private loans in good standing at current historically low interest rates.

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