Congresswoman Carol Shea-Porter is proud to announce that she has cosponsored H.R. 1433, a bill to prevent the doubling of subsidized Stafford student loan rates and extend the current 3.4% interest rate for a period of two years. This action builds on the Congresswoman's record of supporting and improving student aid programs.
"A college education is a gateway to the middle class, and it is vital to growing our economy," Shea-Porter said. "Congress must do everything possible to prevent the interest rates on student loans from doubling."
In 2007, Congresswoman Shea-Porter was proud to support a historic investment in higher education when Congress passed the College Cost Reduction and Access Act. Included in the law was a provision that reduced the fixed interest rate on Stafford student loans for undergraduate students to 3.4% over a four-year period. With the 3.4% interest rate set to expire on July 1, 2012, Congress responded last year by extending the lower interest rate for a single year. But if Congress does not take action, the fixed interest rate on subsidized Stafford student loans will rise from the current rate of 3.4% to 6.8% on July 1, 2013.
The Project on Student Debt found that New Hampshire students who borrowed for college and earned bachelor's degrees in 2011 graduated with an average debt of $32,440, the highest student debt load in the country.
Congresswoman Shea-Porter believes education is a key to our nation's prosperity, and she has worked hard to expand access and affordability to higher education. She was a strong supporter of the College Cost Reduction and Access Act, the Higher Education and Opportunity Act, and the Student Aid and Fiscal Responsibility Act when they were enacted in the 111th Congress. She will continue to advocate for long-term solutions to address student borrowing and student debt issues, and believes H.R. 1433 is a much needed step in that direction.