Massachusetts Democratic Senator Elizabeth Warren is pushing a bill allowing millions of grads to refinance the federal student loans at lower rates.

She tells CBS' Face the Nation - they are in urgent need of relief.

'Our young people are being crushed by student loan debt. One-point-two trillion dollars in outstanding student loan debt, and it is exploding.' 

Warren says if the bill passes, students who take out federal education loans - would never pay more than four-percent interest.