DAVID SCOTT - CONGRESSMAN, REPRESENTING GEORGIA'S 13TH DISTRICT

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Student Loan Rates Extended for One Year

Posted by on June 29, 2012

On Friday, the House passed H.R. 4348*, which included an extension of the current 3.4 percent loan rate on need-based student loans through July 1, 2013. Under current law, the rate would have doubled to 6.8 percent on July 1, 2012. Young Americans have the highest unemployment rate of any other group. Two-thirds of the Class of 2010 graduated with student loan debt which averages about $25,000. Congressman Scott is committed to ensuring that young people can start a career and pay their obligations without worrying about a large spike in their interest rates.

For more information about saving for college and reducing the need for student loans, please read an earlier blog post about cost-cutting strategies: http://davidscott.house.gov/Blog/?postid=281817. What have you experienced as a recent graduate or as a parent of a recent graduate? Share your comments below.

*Even though H.R. 4348 is primarily a transportation bill, it was amended to include the text of Interest Rate Reduction Act (H.R. 4628).

Comments

The opinions expressed below are those of their respective authors and do not necessarily represent those of this office.

http://thedebtsreliefreviews.com Torrance commented on 7/4/2012

There is a reason it is very easy for a younger person to get into debt quickly. Younger consumers are often given the worst interest rates and offers. They are also given top reward schemes because credit card consumers feel younger generations will be more apt to use the credit without regard to the consequences when there is a reward. There are more reasons than just this though. Younger generations have yet to establish a thorough borrowing history. It means that with little borrower history there is more risk in the eyes of the bank, so the interest rate will be higher with a lower credit limit.
Patricia Hill Marietta commented on 7/26/2012

I would like to thank Congressman Scott for participating and voting yes to extending the 3.4% loan rate. College tuition and fees as well as books and other essentials are very expensive and we students need a break to ease our expenditures.
Jim Morris Longmont commented on 7/31/2012

My kids both have student loans and the doubling of the interest rates would have been very difficult for them. Thanks for pushing this. [URL=”http://bambooforlife.com”]Jim Morris[/URL]
Andrew Molter Torrance commented on 8/25/2012

We have to take care of students so they will be able to compete in the international market. plbank.pl
Saja Dhaka commented on 9/14/2012

Before I didn't know the respected congressman Devid Scott. I will visit again for knowing more info.
stock markets stock markets commented on 9/18/2012

students should have the rights to ease the expenditure tuition and fees as well as books and other essentials are very expensive
felipe georgia commented on 10/10/2012

My kids both have student loans and the doubling of the interest rates would www.atacadodasgrifes.com.br
clem New York commented on 12/11/2012

I think donation based crowdfunding is one good option for students to finance schooling without suffering the interest rates. How a student will convince backers is something that is up to the student. I think for this grades and credibility is very important to convince supporters to crowd fund one's education. For more information how such form of crowd sourcing investment works you may visit the links provided below http://www.projects2crowdfund.com/what-is-donation-based-crowdfunding/ http://www.projects2crowdfund.com/top-10-best-donation-based-crowdfund-sites/