As the lead co-sponsor of a bill to fix this problem, Peters is working with President Obama to make college more affordable to all Americans

Washington, D.C. - Last night U.S. Rep. Gary Peters participated in a special order hour speech in support of legislation he's helping lead to prevent federal Stafford college loan interest rates from doubling in July. Congress previously passed legislation to lower this rate from 6.8% to 3.4% for a four year period, but in July this will expire and rates will double without action from Congress. Because Americans now carry more student loan debt than credit card debt, President Obama called on Congress to prevent this rate hike during his State of the Union address and Congressman Peters is working with him to get it done.

“I’m working with President Obama to make college more accessible and more affordable for all Americans,” said U.S. Rep. Gary Peters. “A college education is the key to a bright future and we can’t allow student loan interest rates to double in July, that’s why I signed on as the lead co-sponsor to Congressman Courtney’s bill to prevent this from happening. We’ve got a lot of work to do, but by working together, we’ll help millions of Americans achieve the dream of a college education.”

The legislation, H.R. 3826, was introduced by Congressman Joe Courtney with Congressman Peters as the lead co-sponsor. By working together to build support, the bill now has 121 cosponsors.

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