For the second time in as many months, the Senate is expected to consider legislation that would return student loan interest rates on subsidized Stafford loans to 3.4 percent. As too many students and their families are well aware, on July 1st, these rates doubled to 6.8 percent. If left in place, this increase will add an average of $1,000 of debt per year of college to roughly 7 million students.
Senator Wyden remains committed to ensuring the federal deficit is not balanced on the backs of students. This is why he cosponsored of the Keep Student Loans Affordable Act (S.1238), and has serious concerns on lifting the cap on interest rates or generating new savings for the government. Investing in higher education isn’t a government handout, it’s an investment in American students and America’s future. Congress should be getting rid of the obstacles that keep young people from getting the education they need to succeed, not getting in their way.
Stand with students and tell Congress #DontDoubleMyRate