Congressman Jared Polis released the following statement on House passage of legislation preventing an increase in federal student loan interest rates from 3.4 percent to 6.8 percent. Without action, the loan rates for 7.4 million college students would have doubled. Failure to act would have added $6.3 billion to students' debt burden in one year alone.
"It was past time that Congress acted on a bipartisan basis to prevent an additional $1,000 of debt being piled on to the backs of tens of thousands of students in my district and the millions across America who are trying to pay their way through college. With only days remaining before student loan rates were to double, Republicans finally acquiesced to our demands to keep college affordable for millions of students and families.
"This is just the latest example of Congress turning an opportunity for common sense compromise into last minute brinksmanship that could have cost Americans dearly. Congress needs to be working to fix the basic challenges that confront our country rather than engaging in posturing and politicking."