Today, Senator Brian Schatz was one of three U.S. Senators that joined President Obama in the Oval Office for the signing of a bipartisan bill that will lower federal student loan rates. Senator Schatz worked with President Obama to solve a big problem -- reversing an increase in student loan interest rates that threatened students and Hawai"i's middle-class and working families.
President Obama and Senator Schatz understand that making college more affordable is vital to our families, our economy, and our future prosperity.
"This is a critical step for students, families and everyone who puts their faith in the American dream," said Senator Brian Schatz. "Very importantly, this day reminds us of what can happen when the Congress and the President move forward collaboratively to do what's best for the American people. More than just a bill signing, this is a very real problem solved. It's the kind of progress the country wants and I will be fighting for."
The plan signed into law would drop student loan rates for three years from 6.8% to 3.86% for undergraduate students and 5.41% for graduate students taking out loans this fall.