U.S. Senator Tom Udall (D-NM) today issued the following statement on the passage of the compromise to prevent student loan interest rates from increasing to 6.8 percent on July 1st:
"Preventing the interest rates on college loans from doubling next month was the right thing to do for working families and students. This compromise will save new undergraduate borrowers at New Mexico universities an average of almost $1,000 over the life of their loans. With an economy that hasn't fully recovered, college tuition on the rise and fewer jobs for graduates, it would have been unconscionable to make new borrowers pay more to get a higher education."