Student loan interest rates to double
contributed….Washington, DC – Rep. Ron Kind (D-WI) called on House majority leaders to cancel the upcoming holiday recess and take action to prevent the doubling of student loan interest rates. If Congress does not act this week, interest rates on federally subsidized Stafford student loans will jump from 3.4% to 6.8% on July 1st.
“I strongly urge House leadership to cancel the upcoming recess and hold a vote that will stop these student loan interest rates from doubling,” said Rep. Kind. “It’s no wonder that Americans across the country have such a low opinion of Congress, if some members can’t even agree that affordable education is good for the economy and good for the future prosperity of our country.” Earlier this month, Rep. Kind signed a discharge petition—a procedural motion that frees up a bill that has been blocked in a Congressional committee—to force an up or down vote on the Student Loan Relief Act, a bill that would extend the 3.4% interest rate on Stafford loans until July 1, 2015.
“Congress should not leave town for recess and allow more students to fall into a financial bind,” continued Kind. “Even worse, the Republican plan to address this issue would have made our students pay even higher interest rates, putting them deeper in debt. I voted against that plan because it’s just not fair to use our students’ money to pay down our national debt.” Wisconsin’s Third Congressional District is home to 14 colleges and universities, more than any other district in the state. A typical student in Wisconsin borrows over $26,000 to attend a four-year school, creating a serious, long-lasting financial strain for students and their families. “Every student should have an opportunity to obtain a higher education so that America can compete in a 21st century economy in which a growing number of jobs require a degree,” concluded Kind.
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