Washington, D.C. – U.S. Representative Charles W. Boustany, Jr. (R-Lafayette) today voted in favor of H.R. 5, the College Student Relief Act of 2007, a bill to reduce interest rates on loans for America’s college graduates.  Prior to final passage of H.R. 5, Boustany also supported a Republican proposal aimed at targeting more federal dollars toward expanding college access for low and middle-income students.  

“Too many college graduates are forced to confront increasing levels of student loan debt upon graduation,” Boustany stated.  “I am pleased that this bill addresses that key problem, but I wish that my colleagues would have gone a step further by expanding access and opportunities for current college students as well.”

The proposal introduced by House Republicans would have reduced college loan interest rates for graduates who earn less than $65,000, as well as for all active duty Armed Forces personnel.  By including this income cap adjustment, additional savings could be directed toward an increase in need-based aid, such as Pell Grants.  $65,000 is the income level at which the existing student loan tax deduction is phased out and is approximately twice the average family income of a student eligible to receive a subsidized student loan.

“The majority of individuals and families who are struggling to pay educational expenses are current students, not graduates,” Boustany added.  “It is my hope that this is a first step for this Congress to address college affordability for current students and their families.”  

Representative Boustany is a member of the House Education and Labor Committee.