Nolan Votes Yes on Student Loan Compromise

On July 31st, I voted for H.R.1911, the Senate-Passed Bipartisan Student Loan Bill, the compromise we reached on student college loan interest rates. Although it is by no means a long term fix for our students, it immediately lowers the rates at which students take out loans to pay for school, ties that rate to market rates over the next five years (with a cap), and allows students to lock into a low rate for the life of their loan. H.R.1911 ensures that next year’s freshmen class isn’t saddled with overwhelming debt upon graduation, while providing Congress with more time to improve the law and provide our students with secure, long-term, low-interest college loans. The average Minnesotan undergraduate student will graduate with over $30,000 in college debt - debt that they should be able to repay as quickly as possible. We need to make college more affordable, not more expensive, and this bill is a good bipartisan beginning. I'm optimistic we will revisit this issue again in the future.