Blog: Question of the Week: Interest Rate Deduction Act


By:  Elton Gallegly
Date: April 27, 2012
Location: Unknown

These questions are culled from phone calls, letters, faxes and e-mails sent to Rep. Gallegly's Camarillo, Solvang, and Washington offices. Rep. Gallegly adds another question and answer each week that Congress is in session. Please add your comments.

April 27, 2012

Question: How did you vote on H.R. 4628, the Interest Rate Deduction Act?

Answer: I supported H.R. 4628 when it passed the House of Representatives by a vote of 215 to 195 on April 27. The bill prevents, for one year, interest rates on Stafford Loans to undergraduate students from increasing on July 1 from 3.4 percent to 6.8 percent.

However, the best way to help graduates pay back their loans is to help them find jobs. That is why I am continuing to fight to enact the Legal Work Force Act, which would require all employers use E-Verify -- a free, accurate, electronic employee verification system that ensures new hires are legally authorized to work in the United States. E-Verify will open millions of jobs for American workers--including new graduates.

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