Reinforcing her commitment to making college more affordable for students and middle class New Hampshire families, Congresswoman Annie Kuster (NH-02) today announced that she is cosponsoring legislation that would prevent student loan rates from doubling in July and extend the current rate for two years. If Congress fails to act, the fixed interest rate on subsidized Strafford loans will double from 3.4% to 6.8% on July 1st, making it harder for students and middle class families to afford higher education.
"Ensuring that our young people have access to college is vital for the future of our country, the health of our economy, and the strength of our middle class," Kuster said. "At a time when a college education has never been more important or expensive, the last thing Congress should do is make it even harder for students to pay for their education. With the interest rate on student loans set to double in less than three months, members of both parties need to come together and prevent this harmful rate-hike from taking effect."
In recent years, total student loan debt nationwide has swelled to more than $1 trillion. According to a recent study, New Hampshire students graduate college with an average debt of over $30,000, the highest debt burden of any state in the country.
In addition to cosponsoring the College Cost Reduction and Access Act, Kuster also launched an online survey this week to hear directly from Granite Staters about how a doubling of the interest rate on student loans would impact their families.