Congresswoman Tulsi Gabbard today voted for passage of the Bipartisan Student Loan Certainty Act, which reverses the student loan interest rate hike that went into effect on July 1, 2013. Under the bill, today's undergraduates will borrow at 3.68 percent, a cut from the 6.8 percent rate that is currently in place. The Senate overwhelmingly approved this legislation by a vote of 81-18.
"While the cost of higher education continues to skyrocket, it is crucial that students are not further burdened by significant student loan interest rates," said Congresswoman Tulsi Gabbard. "While this bill does not lower the pressing issue of college affordability, it is certainly a strong step toward ensuring that our students are not set back by debilitating interest rates. I will continue to work with my colleagues in Congress to identify and pursue creative solutions to support our students and ensure they start on strong footing after graduation."
Compared to current rates, the Bipartisan Student Loan Certainty Act is projected to save students $25 billion in lower interest costs from 2013-2018. It will allow students to lock in today's historic low interest rates for the life of the loan.