Congressman Kurt Schrader today released the following statement after the House passed a partisan plan to extend the current reduced interest rate for undergraduate students with Federal Direct Stafford Loans:

"We need to pass a long-term extension of the current interest rate of 3.4% for undergraduate students with Federal Direct Stafford Loans before it doubles on July 1st," Rep Schrader said. "I cosponsored Rep. Joe Courtney's (D-CT) common-sense bill last week to do so immediately, because higher education is a critical component in building an American workforce that can outcompete the rest of the world in a 21st Century global economy.

Unfortunately, the House Majority today politicized the issue of college affordability by attempting to gut preventive public health funds for America's women, seniors and young folks to offset the cost of an extension. Congress must find an appropriate, bipartisan way to pay for the extension of the current interest rate before we leave thousands of students and their families in financial hardship and America one step behind other nations that are investing heavily in their education systems."