Pittenger: "Summer of Uncertainty" now over
Jul 31, 2013
CONTACT: Jamie Bowers, 704-365-6234
FOR IMMEDIATE RELEASE
July 31, 2013
CONGRESSMAN PITTENGER: STUDENT LOAN RATE INCREASE SHOULD HAVE BEEN FIXED IN MAY
WASHINGTON – Tonight, Congressman Robert Pittenger (NC-09) voted for the second time to prevent student loan interest rates from doubling. House Republicans passed a nearly identical plan in May, before Senate Democrats chose not to act.
“Tonight was ‘retro night,’ but not nearly as fun,” commented Congressman Pittenger. “Thankfully, Senate Democrats finally realized that playing political football with student loan rates is repugnant. Hardworking students and their parents have unnecessarily endured a summer of discontent. Now, finally, they have the certainty needed to plan for the fall semester.”
The Bipartisan Student Loan Certainty Act (H.R. 1911) prevents rates from doubling and removes politics from the process by linking student loan interest rates to market rates. Should market rates increase significantly, the plan sets a reasonable maximum (8.25% for undergraduate Stafford loans and 9.5% for graduate Stafford loans) to protect students.
Senate Democrats dropped their opposition last week and passed legislation substantially similar to the plan originally proposed by House Republicans and President Obama. Following tonight’s vote (392-31), the legislation will be sent to President Obama for his signature.