CONGRESSMAN ALBIO SIRES VOTES TO MAKE COLLEGE MORE AFFORDABLE
Congressman Albio Sires voted to cut interest rates on subsidized student loans, saving the typical student in New Jersey up to $4,600 over the life of their loans.
"College tuition is soaring out of reach for American students. The average student graduates with $17,500 in loan debt; almost 45% more that just 11years ago," said Congressman Sires. "This bill assists low- and middle-income families meet their true potential, and helps them achieve the American Dream."
There are over 61,000 four-year college students with subsidized loans in the State of New Jersey. With the passage of H.R. 5 today, interest rates
will be cut from the current 6.8% to 3.4% by July 1, 2011.
"It is in our best interest to make college affordable to our youth," said Congressman Albio Sires. "As a former teacher I understand how important education is to every child. It ensures that everyone has the opportunity to succeed and to make the most of their dreams. In addition, a highly skilled, well-educated workforce strengthens our nation by keeping us competitive in a global economy. It ensures future generations a better quality of life."