A liberal political action committee will host a rally in support of a student loan bill, backed by U.S. Sen. Al Franken, that would allow students to refinance their loans to get lower rates.

The Progressive Change Campaign Committee is planning events across the country to in states with key Senate races. In Minnesota, students and graduates will gather at the University of Minnesota’s Coffman Union at noon today to share loan debt stories and thank Franken for co-sponsoring the legislation.

The bill would allow federal loan recipients to refinance that debt at the same rate as current recipients. Undergraduates, for example, qualify for loans at a 3.86 percentage rate.

“The last thing our students need is to be saddled with high interest rates on student loans that continue to burden them long after graduation,” Franken said in a statement. “This bill would give Minnesotans the opportunity to cut down their debt and keep more of their hard-earned money.”

Democratic Sen. Elizabeth Warren of Massachusetts filed the legislation Tuesday with support from more than 20 colleagues. Her plan would fund the effort with a tax increase on people making more than $1 million per year.