Congress Passes Student Loan Fix

Press Release

U.S. Rep. Harold "Hal" Rogers (KY-05) applauds the House and Senate for working together to adopt a long-term student loan fix that lowers borrowing costs for college students and ensures rates will remain affordable in the years to come.

"This bill protects college students by supplying permanent debt relief for individuals who are struggling to afford a college degree," said Rogers. "It's a market-based plan that places a cap on interest rates, providing more certainty for debt management. Some rates doubled on July 1 after the Senate failed to vote on a solution, but now students will no longer fall victim to politics in Washington. This is a great step towards better preparing our students for tomorrow's economy."

Out of nearly 20 million Americans that attend college each year, 60% have to borrow money to cover the costs each year, according to the Chronicle of Higher Education, while reports show outstanding student loan debt totals upwards of $1 trillion.

Rogers voted for the Senate Amendment to the Bi-partisan Student Loan Certainty Act of 2013 (H.R. 1911), a bill that closely reflects the original House version that passed months ago. The bill now awaits the President's signature.

Source