If you have graduated from college and have thought about consolidating or refinancing your student loans, you may be wondering what possible interest rate you can get. If you are still in school and need a private student loan, you may find yourself in the same situation.

College students and graduates have been feeling the effects of high student loan interest rates for several years. Luckily for those still in school, federal student loan interest rates have dropped for the 2015-'16 academic year.

Senator Elizabeth Warren has reintroduced her bill allowing borrowers with outstanding student debt to refinance at lower rates. This will certainly appeal to those students with high-interest rates in the 7-8 percent range, but it won't help those struggling to pay their debt.

Last week, Senator Rand Paul demonstrated his concern with college affordability.He wants to allow all tuition and student loan debt to be fully tax deductible. Though this plan would be beneficial to students and their families, critics have pointed out that the wealthy would benefit the most.

Throughout his two terms as governor and in recent speaking engagements in Iowa and South Carolina, O'Malley has used bold language to denounce the crippling student debt that keeps young people from buying homes, starting businesses, and otherwise investing in the American economy.

Understanding the types of loans you have and comparing them against the other options that exist can help you determine if you are paying too much.