Graduation season is a time to celebrate, but looming student loan payments are causing issues for millions of people. 

U.S. Sen. Kirsten Gillibrand (D) says the average New York college grad is $31,000 in debt when they get their diploma. 

She says that's a setback for a lot of long terms goals like starting businesses and buying homes. 

Gillibrand wants to increase oversight to prevent predatory student loans and lower loan payments for graduates.

"The federal government shouldn't be making money on the backs of our students," Gillibrand said. "We should be working to with students to repay the loans. When a 22-year-old defaults on their loan that doesn't help the graduate and it doesn't help our economy."

Gillibrand is pushing a few pieces of legislation in D.C. to cut interest rates, allow refinancing and establish a program for income-based repayment plans.