U.S. Representative Frank Guinta (R, NH-01) Friday voted to prevent an increase in the interest rate for new student loans. It is contained in the Conference Report accompanying H.R. 4348, the Surface Transportation Act of 2012. The House approved the bill in a strongly bipartisan vote of 373 to 52.
The measure prevents interest rates on new federally subsidized Stafford Loans made to undergraduate students from increasing to 6.8 percent from the current 3.4 percent for one year, through July 1, 2013.
Representative Guinta said after the vote: "This is very good news for students who are preparing to take out a Stafford Loan and their hardworking parents. Granite State families don't need the burden of paying more for interest in this tough economy. This also shows what can be accomplished on Capitol Hill when both parties and both chambers work together for the common good."