Congressman Jim Matheson today voted for a bipartisan bill that keeps student loan rates from doubling this July. Matheson supported H.R. 4628 -- the Interest Rate Reduction Act--to maintain the rate on subsidized Stafford student loans at 3.4%.
"Getting a college degree is important to Utah students and Utah employers. At a time when the average student loan debt is $25,000 and tuition keeps rising, students and their families are facing a tough situation. This legislation is one step to mitigate the financial stress and help students stay in school," said Matheson.
Matheson said Utah has more than 93,000 student borrowers. Maintaining the lower rate saves more than $93 million across the state, over the life of the student loans. The legislation is paid for by repealing a provision of the health care law.