Press Release ● Educationfacebooktwitterbirdemail
For Immediate Release: 
July 1, 2008
Contact Info: 
Stacey Farnen Bernards
(202) 225 - 3130

WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today, as the first in a series of cuts reducing interest rates on need-based federal student loans takes effect.  Today’s cut reduces current interest rates from 6.8 to 6.0 percent, and is the first step toward halving the student loan interest rate to 3.4 percent in 2011.  This cut is among many college affordability measures included in the College Cost Reduction and Access Act, which was passed by the Democratic-led Congress and signed into law last year:
“With today’s weakening economy putting pressure on the budgets of American families and tuition prices continuing to soar, the high cost of college remains a top concern for many Americans.  Today’s interest rate cut provides needed help for college students and their families, making college more affordable.  In this great nation, no one should be denied a higher education simply because they can’t afford it.  Nor should we strap this generation of students with massive debt that haunts them throughout their adults lives.  By cutting interest rates on student loans and increasing the size of the Pell Grant, the College Cost Reduction and Access Act keeps Democrats’ promise to open the doors of higher education to all.”