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Congress Can’t Risk an Incomplete on Student Loan Interest Rates

For Immediate Release

[WASHINGTON, D.C.] – Statement of Rich Williams, Higher Education Advocate for U.S. PIRG, on the failure to move debate forward on a bill to prevent student loan interest rates from doubling this July:

“7.5 million students will take out a subsidized Stafford student loans this fall to help pay for college. With interest rates on those loans set to double in 16 days, Congress has yet to take action.  Time has almost run out – millions of student will incur $1,000 of extra debt if Congress keeps hitting the snooze button. 

“The Senate has achieved majority support twice on a proposal to keep rates from doubling, but both votes failed to surpass the 60 votes needed to overcome a filibuster and complete the bill.

“Last week, Senate Majority Leader Reid proposed keeping interest rates from doubling by offsetting the costs in a way that recently received strong bipartisan support in a separate vote.  We urge the Senate to maintain their support for the proposed pay-for and use it to keep student loan interest rates from doubling.”

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U.S. PIRG, the federation of state Public Interest Research Groups, is a non-profit, non-partisan public interest advocacy organization.

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