San Francisco – Democratic Leader Nancy Pelosi released the following statement after President Obama signed a bipartisan bill to address student loan interest rates for millions of America’s students:
“Today, President Obama reaffirmed our commitment to build a strong and vibrant future by keeping college within reach of every American student. By delivering real relief to millions of college students through lower interest costs, this law helps restore some economic security and peace of mind for millions of families across the country.
“This bipartisan law stands in stark contrast to the House Republicans’ plan to saddle families with billions more in student debt. From reducing rates on all new loans this year to capping market-based interest rates to saving undergraduates $1,500 on average over the life of their loans, this law delivers substantial relief to hardworking students and families who must balance the cost of college with their financial responsibilities. Under the House Republican bill, families would have faced an extra $1 billion over the next five years and an extra $3.7 billion over the next ten years in interest costs – a deliberate step backward for America’s middle class.
“In Congress, we must build on today’s progress to make sure a higher education is not a limited luxury, but an open opportunity for every student who has worked hard to deserve it. By reducing costs and expanding access to a quality education, we will spur job growth, strengthen the middle class, and invest in a future that thrives on the contributions of America’s best and brightest.”