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Washington, D.C. --- U.S. Rep. Frank Pallone, Jr. (D-NJ) supported legislation today that would make college more affordable for millions of students who have loans by cutting the interest rates in half from the current 6.8 percent to 3.4 percent over five years.
"The health of the American economy depends on having a highly-skilled and well-educated work force. However, studies show that the number one reason students fail to attend college is the cost. Skyrocketing tuition and fees make it harder for working families to send their kids to college. Tuition and fees at public universities have increased by 41 percent after inflation since 2001.
"In addition to tuition and fees, interest rates on student loans have also risen. Over the last five years, the interest rates on student loans have jumped by almost two percentage points, further increasing the cost of college.
"Today, Democrats offered working families some much needed relief. The College Student Relief Act will cut interests rates in half, which will save the average college student about $5,000 on the life of a loan once it is fully implemented.
"The legislation we passed today is only the beginning. In the coming months, Democrats will work to expand both Pell Grants and tax credits to families with college students so that they have more options open to them when they look to paying for a college education." |
