Udall Urges Congress to Keep Student Loan Rates Low, Opportunity Within Reach
'Even with the Best Education, Excessive Loan Rates and Debt Can Cripple a Career Before it Even Begins'
Mark Udall, who has fought to keep education affordable and accessible for all Coloradans, urged Congress to act fast and keep student loan rates from doubling on July 1. Unless Congress acts, Stafford student loan interest rates will double from 3.4 percent to 6.8 percent — saddling the average Colorado college student with additional debt.
"A college education is the surest way for Coloradans to secure a high-quality job and build a successful future. But, even with the best education, high loan rates and debt can cripple a career before it even begins," Udall said. "Congress must prevent student loan rates from doubling in July to keep college education affordable and opportunity within reach for tens of thousands of Coloradans."
According to U.S. Department of Education statistics, 154,128 students enrolled at Colorado colleges and universities will receive more than $572.4 million in Stafford loans during the 2013-2014 school year.
At Colorado's largest public institutions of higher education:
- 12,238 students at Metropolitan State University of Denver received more than $45.7 million in Stafford loans during the 2011-2012 school year;
- 11,137 students at Colorado State University in Fort Collins received more than $54.4 million in Stafford loans during the 2011-2012 school year;
- 9,402 students at the University of Colorado at Boulder received more than $44.9 million in Stafford loans during the 2011-2012 school year;
- 5,955 students at the University of Denver received more than $40.5 million in Stafford loans during the 2011-2012 school year;
- 5,384 students at Regis University received more than $35.8 million in Stafford loans during the 2011-2012 school year;
- 4,976 students at Colorado Mesa University received more than $18 million in Stafford loans during the 2011-2012 school year;
- 4,873 students at Colorado State University in Pueblo received more than $18.8 million in Stafford loans during the 2011-2012 school year;
- 2,107 students at Adams State College received more than $9.5 million in Stafford loans during the 2011-2012 school year;
- 1,850 students at the Colorado School of Mines received more than $9 million in Stafford loans during the 2011-2012 school year;
- 1,639 students at Fort Lewis College received more than $6 million in Stafford loans during the 2011-2012 school year;
- 1,052 students at Colorado Mountain College received more than $3.3 million in Stafford loans during the 2011-2012 school year; and,
- 908 students at Western State Colorado University received more than $3.7 million in Stafford loans during the 2011-2012 school year.
Udall has consistently fought to keep higher education within reach for all Coloradans. Last year, he successfully urged Congress to keep student loan rates from doubling. He also welcomed the state legislature's passage of the ASSET bill, which guarantees fair tuition rates for students who attend at least three years of high school in Colorado, regardless of their immigration status.