WASHINGTON, D.C. – Today, many students across the nation are burdened with rising student loan debt. In an effort to keep college loans affordable, Congressman Sanford D. Bishop, Jr. (GA-02) has signed on as a co-sponsor of H.R. 1595, the Student Loan Relief Act of 2013, which would extend the current subsidized Stafford student loan rate of 3.4% for two years. If action is not taken, the interest rate will double to 6.8% on July 1, 2013 due to the expiration of the College Cost Reduction and Access Act enacted in 2007 and extended for one year in 2012. The 2007 legislation overhauled federal student aid programs by reducing interest rates on the popular Stafford loan program, which help undergraduate and graduate students pay for their education.
“Millions of undergraduate and graduate students in Georgia and across the nation are in urgent need of relief so that they can continue to afford their education,” said Congressman Bishop. “It is imperative that Congress does all that it can to assist students with one of the largest hurdles they face throughout the education process, and help ensure that they will continue their studies and pursue their dreams.”
It is vital that Congress ensure that millions of college students do not face higher loan rates, which would drive younger Americans deeper into debt. While a comprehensive solution is needed to address student loans rates, H.R. 1595 will provide the time needed for Congress to address a long-term solution to student borrowing rates while still protecting our students from higher interest rates.
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