FOR IMMEDIATE RELEASE
January 17, 2007
Contact: In DC - Brandon MacGillis (202) 225-4431
In CO - Chris Arend (303) 844-4988 
 
   
WASHINGTON, DC – Chief Deputy Whip Diana DeGette (D-CO) today voted to lower the cost of college for millions of low and middle-income students and their families by cutting interest rates on student loans in half.
 

“By passing this vital legislation Congress has taken a major step forward to make college more affordable and accessible for millions of Americans,” said Rep. DeGette.

The College Student Relief Act of 2007, H.R. 5, cuts the interest rate on subsidized student loans for undergraduates in half over the next five years from the current 6.8 percent to 3.4 percent.  In Colorado, the average student starting college in 2007 would save $2,220 while a student starting in 2011 would save $4,310 over the life of their loan.

Tuition and fees at four-year public colleges and universities have risen 41 percent – after inflation – since 2001. The typical student now graduates with $17,500 in total federal student loan debt.  According to past estimates from the Department of Education, as many as 200,000 would-be students are forced to delay or forgo attending college altogether due to the cost.

“Helping all qualified students pursue higher education is good for our nation’s economy, competitiveness and security. I am committed to doing everything possible to address rising tuition costs so that no student is prevented from attending college,” said Rep. DeGette.

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