(Washington D.C.)- U.S. Rep. Sander Levin (D-Royal Oak) issued the following statement supporting cutting the interest rates on student loans:

One of the pillars of the New Direction for America was a promise to make higher education more affordable and accessible so that more Americans can advance their education and enhance their economic future in an increasingly competitive global economy. Today we are taking a first step towards achieving this goal.

For a country whose economic success relies on the very best colleges and universities in the world, we are at an important crossroads. Today's college students are graduating with increasing levels of student loan debt - $17,500 on average. In many cases, this debt is simply too substantial to manageably repay. For many young people, the mere thought of putting themselves in such enormous debt could lead them to delay or forgo college. Indeed, according to the Congressional Advisory Committee on Student Financial Assistance, financial barriers will prevent at least 4.4 million high school graduates from attending a four-year public college over the next decade, and prevent another 2 million high school graduates from attending any college at all.

At a time when college tuition is skyrocketing - increasing by 35% at four-year public institutions over the past five years - it is clear that Congress needs to act and act now to make college more affordable.

The College Student Relief Act cuts the interest rates for undergraduate students with subsidized student loans in half over the next five years at no cost to the taxpayer. This commonsense legislation will help 5.5 million students across the country.

In Michigan, for about 144,000 student borrowers who will graduate from Michigan colleges and universities, this bill would generate savings of over $4,200 on average over the life of their loans. For example, these savings will benefit close to 1,200 students at Lawrence Tech and 3,500 students at Oakland University.

For Michigan, the benefits of this loan relief couldn't be clearer. A report by Michigan's Lt. Governor John Cherry's Commission on Higher Education and Economic Growth spelled out how Michigan's economic future is directly linked to our ability to accelerate the completion of degrees of higher education. Two-thirds of the jobs created in the next decade will require post-secondary education and training.

By making a higher education more affordable for thousands of Michiganders we are not only helping them realize their dreams, but we are also helping ensure the future of our state.

I urge all of my colleagues to stand today with our students and support the College Student Relief Act.

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