Hagan To Support Bipartisan Compromise Bill on Student Loan Interest Rates

Press Release

U.S. Senator Kay Hagan (NC), a member of the Senate Health, Education, Labor and Pensions (HELP) Committee, today released the following statement on the bipartisan compromise to keep student loan interest rates affordable. The compromise legislation sets subsidized undergraduate Stafford loans at the rate of a 10-year Treasury note plus 2.05%, with a cap of 8.25%.

"Students should not be the victim of Washington's partisan gridlock, and I refuse to sit on my hands while interest rates double for 176,000 North Carolina students," said Hagan. "This bipartisan compromise will allow students to take advantage of today's low interest rates and reduce their costs in the next few years. This plan also includes a cap of 8.25%, which was a key priority for me in getting a bipartisan solution to keep rates low.

"Though this bill is not perfect, our students cannot afford for Congress to sit idly by while interest rates on their student loans double. As a member of the Senate HELP Committee, I will be working with my colleagues - Democrats and Republicans - when we consider the Higher Education Act later this year to find meaningful solutions to make college affordable for students in North Carolina."

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