Boxer Fighting To Protect More Than 550,000 California Students From Dramatic Rise in Loan Interest Rates

Press Release

U.S. Senator Barbara Boxer (D-CA) today urged Californians to speak out against the massive hike on student loan interest rates, which doubled from 3.4 percent to 6.8 percent on July 1. More than 550,000 students in California are affected by this increase--the most of any state in the nation. These Californians will be saddled with hundreds of millions of dollars in additional debt if Congress fails to reverse the increase.

"The clock struck midnight and Republicans still refuse to act," Senator Boxer said. "It's unacceptable that more than half a million California students--the most of any state in the nation--who are struggling to put themselves through college are getting hit with a massive rate increase. By continuing their pattern of obstruction, Republicans are inflicting significant harm on America's students."

Senator Boxer launched a page on her Senate website for students to share their stories of how they will be personally affected if Congress does not act.

"I am encouraging all Californians, especially our young people, to make sure the United States Senate hears their voices," Senator Boxer said.

Senator Boxer is a co-sponsor of the Keep Student Loans Affordable Act, legislation that would extend the current 3.4 percent interest rate for one additional year while Congress agrees to a long-term compromise.

Source