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College Student Relief ActE-NewsletterSearch |
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Cut Student Loan Rates In HalfThe College Student Relief Act of 2007, which passed the House by 356-71 on January 17, 2007, will make college more affordable and accessible by cutting the interest rates on subsidized student loans in half -- from the current 6.8 percent to 3.4 percent. Today's college students are graduating with increasing levels of student loan debt. The average student graduates with $17,500 in loan debt; almost 45 percent more than just 11 years ago. Recent changes to the student loan programs set higher loan rates for students: student rates are now fixed at 6.8 percent. With the cost of college spiraling out of control, Democrats' College Student Relief Act of 2007 will cut interest rates in half
on loans for middle class borrowers to a fixed rate of 3.4 percent, saving the average student thousands over the life of his or her loans. The College Student Relief Act of 2007 Will......cut interest rates in half for undergraduate students with subsidized student loans -- those most in financial need -- over the next five years at no new cost to taxpayers. The plan will begin by cutting interest rates to 6.12% on July 1, 2007, and will continue to decrease rates until they reach 3.4% in 2011. Cutting Interest Rates in Half: Phase-In Schedule
The College Student Relief Act of 2007 Will Meet All Pay-Go Rules By......increasing efficiency in the student loan programs and redirecting all savings directly back into the hands of students. Collectively, the offsets below will pay for the entire cost of cutting interest rates in half. Five of the six offsets below have been proposed in the President's Budget, or were already debated and passed in the House or Senate Committees during Budget Reconciliation last year, but were not enacted into law. Offsets include:
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