1. Short title This Act may be cited as the Student Loan Relief Act of 2017 . 2. Purpose The purpose of this Act is to spur economic growth by establishing a mechanism to allow borrowers of Federal student loans to refinance their loans in order— (1) to allow credit-worthy borrowers to get a lower interest rate than the Federal rate; (2) to encourage innovation in the education refinancing markets; and (3) to promote the participation of private capital in the education refinancing markets. I Refinancing student loans 101. Definitions In this title— (1) the term Federal student loan means a loan made, insured, or guaranteed under title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq.)