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WASHINGTON, DC -- Today, the House of Representatives will vote on a Democratic measure to help students and families pay for college. It would cut the interest rates on subsidized student loans – those that go to students with the most need – in half, from 6.8 percent to 3.4 percent, starting in July 2006. The bill is an alternative to Republican legislation – H.R. 609 – that does very little to boost college access or affordability.
Representative George Miller, the senior Democrat on the House education committee and the lead sponsor of the measure, issued the following statement this morning:
“Today, by voting for this measure, the House of Representatives will have an opportunity to do something real to help families pay for college. The Democratic legislation will cut interest rates in half for the borrowers most in need, lowering the cost of college by $2.4 billion for students and their families. In February, Republicans in Congress cut $12 billion from the federal student aid programs. Democrats want to make college more affordable, not less affordable, and this measure is a down payment. Congress should not miss this opportunity to help American families pay for college.”
The Democratic legislation would offer the 3.4 percent fixed interest rate to students who take out subsidized loans between July 1, 2006 and June 30, 2007. In addition to Miller, its sponsors are Reps. Dale Kildee (D-MI), Robert Scott (D-VA), Danny Davis (D-IL), and Raúl Grijalva (D-AZ).
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