U.S. Senator Kay R. Hagan (NC) today helped the Senate pass legislation to keep student loan interest rates from doubling on North Carolina students who take out new student loans. The Senate and the House reached an agreement two days before rates were set to double from 3.4 percent to 6.8 percent. Without this legislation, 160,000 North Carolina students would have paid an additional $1,000 in interest during the 2012-2013 academic year.
"I'm relieved that the Senate finally put petty partisan gamesmanship aside to help ensure brighter financial futures for North Carolina students," Hagan said. "Students deserve a fighting chance when they graduate; we shouldn't put them tens of thousands of dollars behind before they even reach the starting line. I will continue to support policies that help our students thrive after they graduate."
The legislation to prevent a rate hike on student loans was part of the final transportation agreement passed by the Senate today. The legislation extends the lower rate of 3.4 percent for one year, until July 1, 2013.