STATEMENT: Campus Progress’s Anne Johnson on House and Senate Passing Student Loan Rate Deal
Washington D.C. — Today, the House and Senate passed legislation that prevents the interest rate on subsidized Stafford student loans from doubling to 6.8 percent on July 1. As a result, 7.4 million students and their families will save an average of over $1,000 in interest payments.
Anne Johnson, Director of Campus Progress, released the following statement:
With today's vote, millions of students will be able to return to school knowing that they are able to afford their education. Thanks to the leadership of President Barack Obama and Sens. Harry Reid (D-NV), Tom Harkin (D-IA), Sherrod Brown (D-OH), and Jack Reed (D-RI), along with the thousands of student activists who made their voices heard, both parties have come together to find a bipartisan solution that prioritizes college affordability and helps more than 7 million students.
This is a huge victory for millions of students and their families who would have been impacted by the rate doubling. These loans are a critical lifeline for so many American families who rely on federal loans to purse a college degree. Higher education is a proven pathway to success and keeping it affordable and accessible for every interested American is crucial to strengthening the middle class and cultivating long-term economic growth.