Consolidation of Student Loans

CONSOLIDATION OF STUDENT LOANS

Mr. PALLONE. Mr. Speaker, the Republican leadership is doing nothing to help with rising college education costs. The average cost for 4 years in college at a State university is now over $40,000, and the cost to attend a private university now tops $107,000.

These massive costs are far too much for many families to cover. Republicans have limited the availability of student aid, and both students and their parents are forced to take on huge loans in order to earn their college degree.

In fact, the average college senior is graduating this year with more than $17,000 in student debt. Another problem looms for them, however, if they do not consolidate their loans before July 1st. That is when interest rates will nearly double on their Federal student loans.

Mr. Speaker, to avoid dramatic hikes in interest rates and to lock in rates as low as 4.75 percent, I strongly encourage students and graduates to consolidate their Federal loan payments before July 1. Consolidating your loans could save you thousands of dollars over the next decade.

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