Washington, DC – Rep. Zoe Lofgren (D-San Jose) cast her vote today to keep interest rates low on student loans. Rep. Lofgren, who led a rally against doubling student loan rates in May at San Jose State University, credited the students, families and officials across the nation who spoke out against Republican attempts to quietly let current rates double for stopping the hike.
"San Jose students, along with others across the country, made it clear that this is not the time for raising barriers to a college education if we are going to keep our economy innovative and competitive in the 21st Century," Congresswoman Zoe Lofgren said. "By keeping interest rates low, more than 572,000 students and families across California won't be forced to pay an additional $476 million in interest on loans just to pursue their dreams of a better life through higher education."
At San Jose State University alone, 8,420 undergraduates rely upon $34.7 million in direct subsidized Stafford loan programs to help pay for their college education. Through the College Cost Reduction and Access Act of 2007, the Democratic-led Congress made historic investments in student aid through low loan interest rates, Pell Grants and tax credits that helped many students pursue their dreams of a higher education. The law brought interest rates on need-based federal student loans down to 3.4 percent, making these loans more affordable for low- and middle-income students.