Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement today after the House, in a 392 to 31 bipartisan vote, passed the bipartisan Senate-passed legislation addressing student loan rates, which doubled on July 1st, sending the bill to the President’s desk for his signature.
“Today, the House acted in a bipartisan way to keep college within reach for America’s best and brightest. Unlike the House Republicans’ bill to make college more expensive and saddle families with billions more in debt, today’s vote takes a concrete step toward easing that burden.
“This bipartisan compromise delivers real relief to millions of college students in the next few years by reducing rates on all new loans this year, capping market-based interest rates, and saving undergraduates $1,500 on average over the life of their loans. Over the next five years, undergraduates will save $25 billion in interest costs rather than paying $1 billion more in costs under the House Republican plan. While much work remains to help middle-class families balance financial security with the cost of college, this legislation is a positive step forward.
“As we move forward in our work to strengthen the middle class, we must ensure that a higher education is not just a luxury for the few, but an opportunity for all. By expanding the educational opportunities for every student, we will spur job growth, strengthen our economy, and guarantee a bright and boundless future for our country.”