DelBene Floor Statement on Student Loan Legislation

WASHINGTON, D.C. – Congresswoman Suzan DelBene gave the following remarks on the floor of the House of Representatives yesterday, voicing her support for the bipartisan compromise to reverse the doubling of student loan interest rates that occurred on July 1, 2013. The Bipartisan Student Loan Certainty Act will tie rates for student loans to the 10-year Treasury note, lowering the rates for Stafford loans taken out in the 2013-14 school year from 6.8 percent to 3.86 percent. The legislation will now be sent to the President for his signature. "The full text of DelBene’s speech, as prepared for delivery, is below:

“Madam Speaker, I rise today to speak on the importance of college affordability.

“This is personal for me.

“Growing up, my parents struggled financially. But with student loans and financial aid, I was able to go to college and get a great education. I would not be standing in this chamber today otherwise.

“I am pleased that we will be voting on a bipartisan bill this week that will reverse the doubling of student loan rates that took place on July 1st.

“The bill is a compromise, so it’s not perfect. It doesn’t include all of the protections that I believe our students need, like lower caps to keep costs down long-term.

“But it does reduce interest rates for over 7 million undergrads taking out a loan this year, and it will save a college student with Stafford loans $3,300 compared to today’s rates.

“This bill is a start – but it isn’t enough.

“I call on my colleagues to continue working together on ways to bring down the cost of college for working families. Doing so will expand opportunity for all, spur long-term economic growth, and strengthen our middle class.”

Video of DelBene’s speech can be viewed HERE.

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