Congressman Andrews Fights for Lower Interest Rates on Student Loans

Press Release

By:  Rob Andrews
Date: May 30, 2013
Location: Washington, DC

Last week, Congressman Andrews urged his fellow members of Congress to keep student loan interest rates low to allow more students the ability to go to college. He suggested freezing interest rates for students for two years, allowing lawmakers to come up with a plan for more affordable student loans. Congressman Andrews is committed to making higher education open to every American, and believes one of the best way to do that is to maintain interest rates at their current level of 3.4 percent, a rate that allows students to take out loans without worrying about massive interest payments.

Congressman Andrews voted in favor of a bill that would stop an automatic raise to student loan interest rates. This automatic increase, from 3.4 percent to 6.8 percent, would be crippling to students nationwide. While the bill prevents this debilitating increase, it is only a stopgap measure. Congressman Andrews stressed to his colleagues the importance of finding a more permanent solution to preserve low interest rates for students.

"Keeping interest rates low for student is crucial to ensuring higher education in our nation," said Congressman Andrews. "Only through accessible higher education can we maintain and grow our skilled workforce."

Congressman Andrews continues to fight to keep student loan interest rates low. He opposes wasteful spending and unnecessary hikes in the interest rate. The Congressman knows affordable student loans are key to keeping our higher education system globally competitive. Only through widespread access to higher education can we grow the pool of highly skilled workers.