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Ellmers: Market Forces Need to Determine Student Loan Rates

Location: Washington, DC

Congresswoman Renee Ellmers released the following statement this afternoon after voting in favor of H.R. 1911 - "The Smarter Solutions for Students Act":

"This month, millions of Americans will don their caps and gowns and receive their college degrees. This momentous occasion is the result of years of hard work, studying and persistence as graduates complete one chapter in their life and begin a new one of employment in the fields to which they will devote their careers. But weighing on their minds are the student loan debts they have accrued and the severe shortage of jobs that are vital to pay for them."

"Under current law, student loan rates are already higher than the market value and by failing to act they will rise significantly, rather than going down. That is why we have taken an important step here in the House of Representatives today to prevent artificial manipulation of these rates by Congress so that students can save significant amounts of money. Students and their future finances should not be held at the mercy of budgeting around partisan politics and arbitrary legislation. I'm proud to support this necessary bill to fix this problem."

H.R. 1911 - "The Smarter Solutions for Students Act" is an important piece of legislation that moves all federal student loans (except Perkins loans) to a market-based interest rate. This common sense proposal is similar to a plan put forth by President Obama in his Fiscal Year 2014 budget request. The Smarter Solutions for Students Act gets politicians out of the business of setting loan interest rates, provides a long-term fix to the interest rate cliffs initiated in 2007, provides students certainty, allows the free market to work, and protects taxpayers. To learn more about the bill, please visit the Education and Workforce Committee's website by clicking here.

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