Over the next several weeks, thousands of Utah high school seniors will graduate and begin working toward the next phase of their educational journey. Unfortunately, this summer, student loan rates on subsidized Stafford student loans are also set to double, potentially affecting many of those students looking for financial aid assistance.
I believe everyone has the right to an affordable college education; that is why earlier this month I co-sponsored the Student Loan Affordability Act, a bipartisan bill to prevent student loan interest rates from doubling on July 1, 2013.
Under this legislation, Congress would once again take a look at the College Cost Reduction and Access Act of 2007 where interest rates were lowered from 6.8% to 3.4% for several years. This summer, that rate will expire if Congress doesn't opt to extend the Act.
As someone who has heard directly from Utah students and parents about the challenges of paying for a college degree, I believe it is vital that we continue to address this problem head on and avoid doubling interest rates. While there is no question that a comprehensive solution is needed to address student borrowing and the student debt crisis, immediate action is necessary to empower our students to follow their dreams today.
This legislation allows for interest rates to stay low for two years while providing Congress with the chance to address a long-term solution to student borrowing. I am a firm believer in the opportunity an education affords our kids and will do all I can to make sure Utah families have access to an affordable reliable way to make college a reality.
I am committed to looking for issues that matter to Utah families like yours that I am honored to represent. If there are topics, like education or student financial aid that matter to you, please let me know. I value your ideas, and I look forward to hearing from you.
4th District of Utah