Well it shouldn't theoretically. The interest rate doubled on student loans in the summer of 2013 and Congress didn't do anything about it until the refinance suggestion came up last year. But in the legislation the Democratic controlled Senate introduced last fall, they insisted that a 30% surtax be paid by all upper income wage earners to offset the loss of interest revenue the government would experience due to refinancing at a lower interest rate. Only 3 Republicans and 35 Democrats voted for that bill however. And the Democrats didn't put up a clean bill without the tax that probably would have passed. It is really tough for them to give up a really lucrative source for government revenue.
Originally Posted by Ironfist
. . .In June (2013), the non-partisan Congressional Budget Office issued a report showing a $50.6 billion profit for the Department of Education on student loans. From 2013-2020, the CBO estimates the program will bring in profits of $160 billion, which includes the doubling of interest rates. Keeping rates at 3.4% would increase the government’s cost of the student loan program to $41 billion over the next 10 years, according to the report. . .How Much Do Student Loans Really Cost Taxpayers? | Fox Business
The interest rates went to 6.8% that summer.