Statement on the Doubling of Student Loan Rates

Statement

Rep. Jan Schakowsky released the following statement on the doubling of student loan rates:

"Interest rates for federal student loans doubled today and I am disappointed that Republicans refused to keep college affordable for students and middle class families by not extending the 3.4% interest rate. With the already high cost of college and the fragile state of our economy, it is unacceptable that Congress would burden students with more debt. These higher interest rates are an economic handicap, preventing our students from buying their first home or starting a family.

"I believe we should be doing everything in our power to make college more affordable for our students and allow them to pursue their dreams. In the meantime, I'm fighting to lower rates by passing the Student Loan Relief Act and the Student Loan Fairness Act. I'm releasing a financial aid toolkit to give information on grants, loans and other programs that can make higher education more affordable. The toolkit is available here."

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