Today, Congressman Scott Peters (CA-52) released the following statement on his vote for H.R. 1911, the "Smarter Solutions for Students Act,' which moves to tie annual student interest rates to 10-year US Treasury notes.
"I voted for this bill today to keep subsidized Stafford student loan rates from doubling to 6.8% on July 1st, which will occur if Congress does not act. I have been vocal in my support for a different measure -- H.R. 1595, the "Student Loan Relief Act' -- which would freeze rates at their current levels for two more years while Congress works together on this issue.
"In addition to H.R. 1595, I also prefer the President's approach -- which would limit the amount of rate fluctuation exposure to students and their families -- to today's measure. I also voted for Rep. Sinema's motion to recommit, which would require the Secretary of Education to provide clear information to students on the overall cost of the loans they are taking out. Now, because the majority will not allow a vote on H.R. 1595, or even any amendments to today's proposal, this will likely be the only opportunity I will have to keep rates from doubling in July.
"I could not in good conscience stand by and allow student loan rates to double without taking action to begin solving the problem. After this vote, I will continue to work for real and sustainable solutions, including strengthening Pell Grants, to keep college as affordable as possible so that middle-class students across the country can achieve the American dream."