Congressman Steve Womack released the following statement after the House approved the Interest Rate Reduction Act (H.R. 4628), that would extend current student loan interest rates by cutting spending from an ObamaCare slush fund:
"Earlier today, the House voted to prevent the rate increase on Stafford Loans to undergraduate students by passing H.R. 4628, the Interest Rate Reduction Act. This action was, in effect, killing two birds with one stone, as it will pay for this loan cost-saving measure by repealing the Prevention and Public Health Fund -- a MANDATORY funding stream to the tune of $12 billion that allows the Secretary of Health and Human Services (currently Kathleen Sebelius) to spend money for things like jungle gyms and bike paths.
"But most importantly, H.R. 4628 would keep the interest rates on federally subsidized student loans at 3.4 percent for another year. Without this legislation, interest rates would double starting July 1, going from 3.4 percent to 6.8 percent adding nearly $1,000 to the average student's loan.
"This is good for our students; this is good for our economy, and anything less would be unacceptable. I am proud to have voted for the Interest Rate Reduction Act and kept student loans affordable for another year for those who need it the most."