U.S. Senator Mary L. Landrieu, D-La., today released the following statement on Congress' passage of legislation that extends the current 3.4 percent student loan interest rate. If Congress had failed to act before the July 1 deadline, interest rates on subsidized Stafford loans would have doubled from 3.4 to 6.8 percent.
"The legislation passed today ensures that nearly 100,000 students in Louisiana and more than seven million nationwide will not see a hike in student loan rates this summer," Sen. Landrieu said. "By keeping interest rates low on student loans, more Americans have a fair chance at receiving an affordable college education, developing the skills necessary to find a good job and making their way into the middle class. This is a victory for our students, whose education is critical to the future success of our country."
Many Louisianians have reached out to Sen. Landrieu to share how affordable student loans have made their education possible. Last week, Tulane University's student government president visited to stress how important it is that Congress prevent student loan interest rates from doubling. Representing student government presidents at colleges and universities across Louisiana, he shared a letter explaining why keeping interest rates low is so important to them.