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Helping Students With Lower Interest Rates
August 8, 2013
Dear Friends,
Did you know over 1,400 people responded to our survey question “Do you believe federal student loan interest rates should double on July 1?” Over 80% of respondents thought that student loan interest rates should not double!
I am pleased to share that the U.S. House of Representatives has worked out a bi-partisan solution to keep interest rates low for students and parents. Congress approved bi-partisan legislation last week that would reverse the July 1 student loan interest rate hike.
The Student Loan Certainty Act will benefit students and families in a number of ways including:
- Provides Students $25 Billion in Debt Relief Over the Next Five Years - Under the bi-partisan legislation, college students and their families would save $25 billion in lower interest costs from 2013-2018, compared to current interest rates.
- Locks in Interest Rates for the Life of the Loan - The bi-partisan legislation allows students to lock in today’s historic low interest rates for the life of the loan and ‘know what they owe’ before signing on the bottom line.
- Provides a Reasonable Cap to Protect Students from Rising Interest Rates - The bi-partisan legislation now has interest rate caps that allow students to fully benefit when interest rates are very low, but protects them when interest rates go up sharply by capping them at 8.25 percent.
North Carolina undergraduate students and families who are getting ready to head back to school will get some relief with passage of this bill. Interest rates on their Stafford student loans are reduced from 6.8 percent to 3.86 percent, saving them nearly $1,500 in interest over the life of the loan. This bill is a win-win for our students and their families, but we must keep working to make college more affordable. Working together and finding solutions to problems is the recipe for continued success in meeting our nation’s challenges, and I will continue to press and work with my colleagues to use this victory as a launching pad to other pressing matters.
U.S. Congressman Mike McIntyre
Representing the 7th District of North Carolina
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Elizabethtown, NC
P. O. Box 2107
Elizabethtown, NC 28337
910-862-1437
Fax 910-862-2286
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Leland, NC
497 Olde Waterford Way
Suite 206
Leland N.C. 28451
910-399-1134
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Smithfield Town Hall
350 E. Market Street
Smithfield, North Carolina 27577
Monday- Wednesday. 8:30 a.m. – 5:00 p.m
(919) 934-2116 x 1103
P.O. Box 761
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Washington, DC
2428 Rayburn House Office
Washington, DC 20515
(202) 225-2731
fax (202) 225-5773
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