U.S. Senator Dean Heller (R-NV) released the following statement after voting in support of an amendment identical to the Interest Rate Reduction Act of 2012 (S. 2366). Without congressional action, interest rates for federally-subsidized student loans are scheduled to double from 3.4 to 6.8 percent on July 1.
"During these tough economic times, Americans find it increasingly difficult to pay for college, and graduates find themselves burdened with high levels of debt. Education is a key to success in this country, and there is a dire need for Congress to compromise in order to freeze student loan interest rates. It is my hope the Senate will now turn its focus to a real bipartisan solution. More importantly, it's past time Congress get the economy back on track so recent college grads can find jobs and begin the next phase of their lives," said Senator Dean Heller.
Heller is a cosponsor of the Interest Rate Reduction Act of 2012 (S. 2366). He supported freezing student loan interest rates in 2007 as a member of the U.S. House of Representatives. Heller recently spoke on the Senate floor about his support for freezing student loan interest rates. To view the clip click here.
Senator Heller has consistently supported low student loan interest rates:
College Cost Reduction Act (H.R. 2669, 110th) -- among other provisions to strengthen grants and other educational programs, this bill cut interest rates in half on subsidized Stafford loans for undergraduate students. Senator Heller supported the bill in both the Education & Labor Committee and on the House floor. This legislation passed Congress and was signed into law.
College Student Relief Act (H.R. 5, 110th) -- cut interest rates in half on subsidized Stafford loans for undergraduate students. This passed the House with Senator Heller's support.