Based on feedback from nearly 30,000 borrowers, the Consumer Financial Protection Bureau has released a series of proposals to help millions of Americans repay their student loans more easily. The agency said that on-time borrowers should be able to refinance their debt at lower interest rates, while those who fall behind should be able to enter into income-based repayment plans. The CFPB also said policymakers should help student borrower who took out private loans by replicating for them the rehabilitation program available to those carrying federal student loans, which helps people exit default and amend their credit. "Many private student loan borrowers have run out of options and are struggling to make ends meet," CFPB director Richard Cordray noted. "Student debt has become the defining feature of their lives -- the millstone around their necks that holds them back from a full financial future." The lenders that lead the student loan sector -- Citigroup, JPMorgan Chase, Wells Fargo, and Discover Financial Services -- are less likely to restructure loans by reducing or delaying payments, the CFPB said.