Ribble Applauds Passage of Student Loan Fix

Aug 1, 2013 Issues: Education, Jobs and the Economy

Washington, D.C. - Today the House passed the Senate’s bipartisan student loan legislation that ties the interest rate to the 10-year Treasury note and caps the interest rates to make sure students who borrow money won’t be buried in debt. Student loan rates doubled on July 1st to 6.8% from 3.4%. The House had passed legislation to fix this issue months ago (H.R. 1911) but the Senate failed twice to pass a bill.  The latest legislation passed the House today by a vote of 392-31. It would remove the fixed rate system and replace it with market-based reforms. The Senate’s final agreement was very similar to the original House bill that passed in May. President Obama called for a student loan solution using market-based reforms in his FY2014 Budget.

The following is a statement by Congressman Ribble on the student loan bill:

“I was pleased to support the bipartisan student loan solution that reflects the market-based reforms in the original House-passed bill. Students in northeastern Wisconsin deserve to know what it will cost for them to borrow money to attend college, and they deserve for college to be affordable. I look forward to President Obama signing this fix into law and this issue being resolved for thousands of Wisconsin students and families who have waited anxiously for Washington to get its work completed.”