Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement today after the Senate, in a 81 to 18 vote, passed a bipartisan proposal to address student loan interest rates, which doubled on July 1st:
“Today, the U.S. Senate took a concrete step toward restoring the economic security, educational opportunities, and peace of mind of America’s students. For too long, millions of our country’s best and brightest have been waiting for Congress to find a responsible solution to rising student loan interest rates. While House Republicans have insisted on saddling students with even more debt, the bipartisan Senate legislation seeks to ease that burden.
“This bipartisan compromise offers hardworking students and families critical protections, reduces rates on all new loans this year, and saves undergraduates $1,500 on average over the life of their loans. The plan caps market-based interest rates, ensuring students won’t bear the brunt of skyrocketing rates in the future. While the House Republican bill only offered uncertainty, insecurity, and more debt for our students, the Senate compromise will restore a sense of security for nearly 11 million Americans.
“Much work remains to ensure that students and families can balance the cost of college with their financial responsibilities. Rather than balancing their budget on the back of middle class families, House Republicans should immediately take up and pass this proposal without further delay so we can keep college within the reach of all of America’s students.”