Congressman Tim Ryan Statement on the Doubling of Student Loan Interest Rates

Jul 1, 2013 Issues: Helping Working Families, Education

Congressman Tim Ryan issued the following statement on the doubling of interest rates of subsidized Stafford student loans. Republicans impeded Congressional action that was necessary to renew the lower interest rate of 3.4%, causing it to double to a rate of 6.8% on July 1.

“In 2007, congressional Democrats passed the College Cost Reduction and Access Act that lowered interest rates on subsidized Stafford Loans each year until they reached their current low of 3.4 percent. Since then, millions of students have benefited from lower rates. Congress extended the 3.4 percent rate last year through the 2012-13 academic year. Now, rather than taking steps to make college more affordable for a generation that is already faced with inflated college expenses and a competitive job market, Republicans have instead chosen to add to the already high expenses faced by our nation’s college students by allowing the interest rate to double to 6.8 percent.

"Instead of working on a bipartisan plan that would work in the interest of students, House and Senate Republicans have proposed bills that would make college even more expensive. While the White House has threatened veto on any bill that exacerbates student loan debt, it is time that we take any action we can to help reduce the burden of college expenses for our nation’s students.”

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Pat Lowry
Communications Director
Congressman Tim Ryan
241 W. Federal Street
Youngstown, OH 44503
P: (330) 740-0193 (Youngstown)
P: (202) 225-5261 (Washington, D.C.)
C: (330) 717-8103