Congressman Gary Peters Tells Congress to Get Serious about Addressing Student Loan Interest Rates

A new report out showing how 284,937 Michigan students would be affected if student loan interest rates are left to double in less than a month is another important reminder about Congress’ limited timeline to act. Today, U.S. CongressmanGary Peters spoke out on behalf of  Michigan students and their families to keep higher education affordable. He urged colleagues to put aside unproductive finger-pointing and commit to keeping student loan interest rates from doubling in July.

Peters also reminded Congress that 62 percent of Michigan students graduate with student loan debt. With Michigan’s 16.9 percent youth unemployment rate, many are already struggling to pay their student loans and nearly 12 percent are more than 90 days late on payments. Should the U.S. House of Representatives fail to act, interest rates would double from 3.4 percent to 6.8 percent, making college even more expensive.

“Michigan students and their families are having a hard enough time paying off student loans. The last thing we need is more uncertainty from Washington about even considering letting student loan interest rates double,” Peters said. “One of the best investments we can make is in our young people, and  helping to ensure that higher education remains affordable is key to a bright future and a stronger economy. I urge Congress to take the approaching student loan interest rate expiration date seriously. It is imperative that we work together because if Congress does not act, our children will pay the price.”

Peters has been working on behalf of Michigan students and their families to keep student loan interest rates affordable. When gridlock in Congress threatened student loan interest rates last year, Peters spearheaded efforts to build a 150 Member coalition and helped write a proposal to keep them from doubling. Peters believes that quality, affordable educational attainment is the bedrock of our middle class.

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