Brooks: Student Loan Fix Provides Smart Long-Term Solution
Congresswoman Susan W. Brooks (R-IN) applauded the House’s approval of bipartisan legislation that retroactively ensures interest rates on federal student loans will not double this school year:
“I am pleased the Senate followed the House of Representatives lead in removing government and politics from setting federal student loan interest rates. As a former administrator at Ivy Tech Community College, I know we must do everything possible to keep college affordable for Americans of all ages and backgrounds. To remain competitive, we must increase access to opportunities that help future members of our workforce master 21st century skills.
Today’s vote ensures students will not have to face drastically higher interest rates on federal student loans they need to help pay tuition this upcoming school year. House Republicans worked hard to provide a long-term solution for students that smartly ties rates to the market and prevents them from being used as annual political bargaining chips. It took the Senate Majority too long to understand the benefits of this approach and take meaningful action. Americans should expect more from our elected officials.”
The legislation approved today retroactively ensures rates will not rise to 6.8 percent on students. It ties rates to the 10-year Treasury note and ensures Congress no longer determines interest rates. The President must now sign the bill for it to officially become law.
On May 23, the House passed the Smarter Solutions for Students Act which provided the framework for the bill passed by the Senate and approved by the House today. Interest rates doubled when the Senate failed to take action by the July 1 deadline.
Congresswoman Brooks is a member of the Education and the Workforce Committee. To see her op-ed on this issue, click here. To hear her talk to students from Anderson University about the solution offered by House Republicans, click here.