Today President Obama signed legislation that will prevent a student loan rate hike on 7.4 million American student borrowers, including 303,000 in Michigan. As the lead co-sponsor of the Courtney-Peters bill to prevent federal subsidized Stafford loan interest rates from increasing from 3.4% to 6.8%, Peters led the six-month fight in the House to achieve one of President Obama's key priorities for this year. Because of this legislation, millions of students will return to campus this fall knowing that they won't take on an extra $1,000 in debt for each year that they attend college.
"By signing this important legislation, President Obama has stopped student loan interest rates from doubling for 7.4 million American students, including 303,000 in Michigan," said U.S. Rep. Gary Peters. "I helped lead this fight to prevent Republicans from piling on an extra $1,000 in debt on millions of college students. We've still got a lot of work to do to make college more affordable, but preventing student loan interest rates from doubling is a step in the right direction"
As the lead partner of the Courtney-Peters bill in the House to prevent student loan interest rates from doubling, Peters worked to build a coalition of over 150 co-sponsors. A key priority from President Obama's 2012 State of the Union Address, today's bill signing marks another big victory for the Administration and for 7.4 million college students nationwide.