U.S. Congressman Brad Schneider (IL-10) voted against the Smarter Solutions for Students Act (HR 1911) today to prevent placing higher education further out of reach for lower and middle-income families.
Under the bill, students could face rates of more than 8 percent on Stafford Loans. Rates would also be allowed to vary over the life of the loan, leaving borrowers with little certainty and more debt.
"For far too many, college is increasingly out of reach, and this legislation would make it even more expensive for already struggling families to pay for college," Schneider said. "That's why I've cosponsored legislation that keeps rates on student loans at their current level and believe we must work together to make higher education more affordable and accessible."
Schneider, who has consistently argued for policies to help expand access to higher education, is a cosponsor of the Student Loan Relief Act (HR 1595) that extends the current 3.4 percent interest rate for Federal Direct Stafford Loans.