Congresswoman Ileana Ros-Lehtinen (R-FL) is pleased to have voted to extend the current Federal Stafford Student Loan interest rate at 3.4% for another year, preventing a brutal rate hike on already struggling students. The student loan rate extension and a long term extension of the important National Flood Insurance Program (NFIP) were included in a bill that funds transportation projects throughout the nation.
With the interest rates on all new federally subsidized undergraduate Stafford loans set to double from 3.4% to 6.8% this coming Sunday, July 1, the House once again voted to extend the current Stafford Loan interest rate for another year. The House also approved a 5 year extension of the NFIP until September 30, 2017, and this is the first time in many years that the House has approved such a long term extension of this critically important program.
Said Ros-Lehtinen: "The work that the House accomplished today in extending the current interest rate on student loans and also the vitally important National Flood Insurance Program will be good for student and for our economy. This legislation will help struggling students and bring long term stability to the housing market.
Our hard-working college graduates are facing an uphill battle in this current economy as they have to deal with rising tuition costs and a bleak job market upon graduation. Passage of this bill assures that these students have ones less thing to worry about so they can focus on getting a good job and being productive members of our society. The long term extension of the NFIP is something which I have always fought for and that I believe is absolutely necessary to give the recovering housing market the support it needs.
Overall, today was a good day in the House as we accomplished the people's business, and that is what we were sent here to do."