Polis Applauds Passage of Student Loan Legislation

Press Release

Congressman Jared Polis (D-CO) today applauded the passage of H.R. 1911, the Bipartisan Student Loan Certainty Act with a vote of 392 to 31. Last week, the U.S. Senate passed S. 1241, the Bipartisan Student Loan Certainty Act with a vote of 81 to 18. This legislation will now go to President Obama's desk to be signed into law.

"I am glad that Congress has finally taken this important vote to pass a bipartisan compromise to lower interest rates for student loans," said Rep. Polis. "Students and families in Colorado and across the country cannot afford uncertainty when it comes to paying for their higher education. Our student loan system should provide a ladder of opportunity, not close the door to students who are unsure whether their loans will be subject to partisan disagreements and Washington gridlock."

The Bipartisan Student Loan Certainty Act will retroactively lower interest rates for undergraduate Stafford student loans from 6.8% to 3.86% for the coming year. This bill establishes a market-based interest rate for student loans with a cap so that the establishment of a new interest rate does not depend on future Congressional action. The interest rate at which students will borrow will remain the same during the repayment of the loan. Congressman Polis spoke on the floor of the House of Representatives in support of H.R. 1911.

"This bipartisan compromise provides much needed relief for students, while putting our student loan system on a path to fiscal sustainability," said Rep. Polis. "But our effort to provide access to an affordable and high quality higher education cannot stop here. We must simplify and streamline the student loan process, so that students have reliable information and a flexible way to repay their loans. The ExCEL Act, which I introduced with Congressman Petri (R-WI) would provide this certainty while protecting our neediest borrowers. I look forward to working with my colleagues on both sides of the aisle to reach an agreement that will increase access to an affordable high-quality higher education for future generations of Americans."

Earlier this year, Rep. Jared Polis (D-CO) and Rep. Tom Petri (R-WI) introduced H.R 1716, the ExCEL Act, which would establish a system of universal income-based repayment (IBR) for student loans. This bill would simplify and streamline the student loan repayment process and includes strong protections for student borrowers. Rep. Polis' district is home to both University of Colorado-Boulder and Colorado State University in Fort Collins. Rep. Polis serves on the House Education and Workforce Committee.

Source