Congressman Tim Griffin (AR-02) issued the following statement after voting for final passage of the Smarter Solutions for Students Act (H.R. 1911):
"The House passed this bill more than two months ago in order to prevent interest rates on subsidized Stafford loans from increasing on July 1 and end Washington's ability to use student loan rates as political bargaining chips, and I'm glad that Senate Democrats finally chose to act on it and stop playing partisan politics. This bipartisan solution is a long-term fix that makes things right for students, provides certainty and protects hardworking taxpayers by coupling rates with the government's cost of lending. I urge President Obama to sign this bill quickly."
According to a new study from the American Action Forum, the average student could have saved up to $3,400 more through college had there been a market-based interest rate.
In June, Griffin joined 51 other Republican and Democratic congressmen in writing a letter to Senate Leaders Harry Reid and Mitch McConnell urging them to pass a bill similar to the House-passed Smarter Solutions for Students Act (H.R. 1911).