Rep. Baird Votes to Make College More Affordable by Cutting Interest Rates on Student Loans
Rep. Baird Votes to Make College More Affordable by Cutting Interest Rates on Student Loans
Congressman Brian Baird today joined his colleagues from both sides of the aisle to pass, H.R. 5, the "College Student Relief Act of 2007," which cuts interest rates on student loans from 6.8% to 3.4% over five years. The bill passed by a vote of 356 to 71; all Democrats and 124 Republicans voted for the measure.
"The cost of a college education continues to skyrocket," said Rep. Baird. "Tuition fees at four-year public colleges and universities have risen 41 percent, after inflation, since 2001, letting the dream of a college degree slip through the fingers of millions of students. Today, the House acted to make college more affordable for students and their families."
"In Washington, there are 47,631 four-year college students with subsidized student loans - who all would benefit from this bill," Rep. Baird continued. "Once fully phased in, the bill would save the average four-year college student in Washington starting school in 2011 with subsidized student loans nearly $5,000 over the life of their loans."
"The health of the American economy depends on having a highly-skilled and well-education workforce," Rep. Baird stated. "Later this year, we will take steps to make college even more affordable by increasing the maximum Pell Grant scholarship so that high school graduates make the dream of a college degree a reality."
The bill is fully paid for by making modest reductions in certain lender and guaranty agency subsidies in order to make the student loan program more efficient and effective for students and for American taxpayers.
The bill is supported by dozens of organizations, including the American Council on Education, National Association of Independent Colleges and Universities, American Association for State Colleges and Universities, American Association of Community Colleges, Alliance for Equity in Higher Education, Hispanic Association of Colleges and Universities, College Board, College Parents of America, and the Institute for Higher Education Policy.
http://www.house.gov/list/press/wa03_baird/StudentLoans.html