U.S. Senator Dean Heller (R-NV) released the following statement after cosponsoring the Interest Rate Reduction Act of 2012 (S. 2366). Without congressional action, interest rates for federally subsidized student loans are scheduled to double from 3.4 to 6.8 percent on July 1. Heller supported freezing student loan interest rates in 2007 as a member of the U.S. House of Representatives.
"Education is a key to success in this country. With two of my own children currently in college, I know the financial burdens on both college students and their parents. I understand the value of a good education and the hard work it takes for success. During these tough economic times, Americans find it increasingly difficult to pay for college, and graduates find themselves burdened with high levels of debt. For these reasons, I am pleased to support this important legislation," said Senator Dean Heller.
Senator Heller has supported similar legislation in the past:
College Cost Reduction Act (H.R. 2669, 110th) -- among other provisions to strengthen grants and other educational programs, this bill cut interest rates in half on subsidized Stafford loans for undergraduate students. Senator Heller supported the bill in both the Education & Labor Committee and on the House floor. This legislation passed Congress and was signed into law.
College Student Relief Act (H.R. 5, 110th) -- cut interest rates in half on subsidized Stafford loans for undergraduate students. This passed the House with Senator Heller's support.