Question: Did you support the legislation that keeps federally subsidized student loan interest rates at 3.4 percent?
Answer: I voted in favor of H.R. 4348, the Moving Ahead for Progress in the 21st Century Act / "MAP--21." The bill ensures that interest rates on new federally subsidized student loans will remain at 3.4 percent for one additional year.
The interest rate extension is fully paid for by capping the amount of time a student can receive a subsidized student loan at 150 percent of the program length and increasing the premiums paid at the Pension Benefit Guarantee Corporation. H.R. 4348 also included a two-year surface transportation program reauthorization and a five-year reauthorization of the National Flood Insurance Program.
With my vote in support, the House of Representatives approved H.R. 4348 by a vote of 373-52. This legislation will now be approved by the Senate and signed into law by the President, preventing interest rates on student loans from doubling to 6.8 percent.