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Ayotte: Congress Should Act Now to Prevent Student Loan Rate Hike

Press Release

Location: Washington, DC

At a Senate Budget Committee hearing today, U.S. Senator Kelly Ayotte (R-NH) urged colleagues on both sides of the aisle to come to a bipartisan agreement to prevent a student loan rate hike currently set to take effect July 1.

During an exchange with Secretary of Education Arne Duncan, Senator Ayotte stressed the need to provide certainty for all new federal student loan borrowers, rather than carve-out provisions that address only about 40 percent of new student loan borrowers - the bill supported by Senate Democrats only impacts new subsidized Stafford loan borrowers.

"When I look at what the President has put forth, when I look at what Senate Republicans have put forth, I think there's a way to resolve this on a bipartisan basis, for the students and the parents in this country," she said.

Secretary Duncan responded, "I think there's some differences but I think they're resolvable...I'm hopeful that this can get done."

Earlier this month, Senator Ayotte voted for a plan similar to a proposal included in President Obama's budget request that would allow students to lock in market-based interest rates for the life of any new loans - providing a long-term solution to all students and families.

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