As a consistent advocate for preventing the scheduled rate increase on college loans for the neediest students, Congressman Jim Langevin (D-RI) released the following statement in support of the solution announced today by the White House and Congressional Democrats, the Stop the Student Loan Interest Rate Hike Act of 2012. If Congress does not act, interest rates on need-based Stafford loans will double from 3.4 percent to 6.8 percent on July 1, 2012, adding an average of $1,000 in loan repayment costs for seven million students. Langevin is a cosponsor of HR 3826, which would continue the current interest rate.
"With all of the special interest tax loopholes currently in place during this fiscally challenging time, it is incomprehensible that we would not find a way to prioritize a fair economic opportunity for our next generation of innovators and job creators," said Langevin, who co-chairs the bipartisan Congressional Career and Technical Education Caucus. "The students receiving this need-based aid cannot afford what amounts to a major tax hike on their tuition. I urge my colleagues on the other side of the aisle to support this bill and allow these young men and women the best chance to reach their full potential."