Hoyer Statement on Senate Passage of Student Loan Interest Rate Legislation

For Immediate Release:

July 24, 2013

Contact:

Mariel Saez, 202-225-3130

WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement after the Senate passed bipartisan legislation to keep student loan interest rates low:

“I am encouraged that the Senate has adopted a bipartisan compromise that will keep student loan interest rates low.  Education has always been a pathway to opportunities in our country, and we must make sure that those students who work hard to reach college can afford to attend.  Enabling more of our students to pursue higher education will help make our economy more competitive and grow our middle class.  The Senate’s legislation reduces rates this year for nearly 11 million borrowers, and it will save students $25 billion over the next five years.  By including caps on rate increases, it will prevent students from facing excessive interest rates in the future. 

“It was deeply disappointing that House Republicans pursued a strategy that led to a doubling of student loan interest rates on July 1.  I hope that, now that Senate Democrats and Republicans have come together to reverse that increase with a bipartisan solution, the House can take up the Senate’s bill without delay so we can provide students and their families with the ability to continue taking advantage of low interest rates.”   

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