Blog: Keeping Student Loans Affordable

Statement

On July 1, American students saw their loan rates double as a result of the Senate's failure to act on a student loan bill the House passed in May. Upon the Senate's decision to finally take up this important issue, the House voted this week to pass a student loan agreement -- the Bipartisan Student Loan Certainty Act, H.R. 1911.

The bill implements a permanent, market-based interest rate system to save students money and prevent rates from being used as a political football at students' expense. Student loan interest rates will now drop below 4%, similar to what they were before July 1 -- creating substantial savings for an estimated 11 million borrowers.

The Bipartisan Student Loan Certainty Act, which now awaits the President's signature, gives students access to affordable financing so that they may further their education, land good jobs, contribute to our nation's competitiveness and spur economic growth.

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