Letter to Honorable John Boehner, Speaker of the House, and Honorable Eric Cantor, Majority Leader - Student Loan Relief Act

Letter

Today, Congresswoman Cheri Bustos (IL-17) and Congressman Dave Loebsack (IA-02) sent a letter to House Speaker John Boehner and Majority Leader Eric Cantor urging them to allow a vote on their bill to prevent student loan interest rates from doubling on July 1st. The Student Loan Relief Act of 2013 (H.R. 1595), supported by Bustos and Loebsack, is a common sense bill that would keep interest rates on federally subsidized Stafford student loans locked in place at 3.4 percent so that hardworking families across Illinois and Iowa are not burdened by higher costs for college come next school year.

Without action from Congress, interest rates on federally subsidized Stafford student loans will double from 3.4 percent to 6.8 percent on July 1st. There are currently only six scheduled legislative days left before this rapidly approaching deadline.

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June 19, 2013

The Honorable John Boehner The Honorable Eric Cantor

Speaker of the House Majority Leader

H-232, The Capitol H-329, The Capitol

Washington, DC 20515 Washington, DC. 20515

Dear Speaker Boehner and Majority Leader Cantor:

We write to express our deep concern regarding a rapidly approaching deadline that will harm middle class families across our region of Illinois and Iowa, and the entire nation, by raising the cost of a college degree. The importance of a quality and affordable education is immeasurable to ensuring the success of our region's economy and the well-being of the next generation, and we must take steps to make sure higher education remains affordable for all, not only the wealthiest among us.

As you know, on July 1, interest rates on federally subsidized Stafford student loans will double overnight, from 3.4 percent to 6.8 percent. This will increase the cost of a college degree for more than 7 million students across the country. There are currently more than 330,000 student borrowers in Illinois and 220,000 in Iowa.

If student loan interest rates were to double, a student taking out the maximum amount of subsidized Stafford student loans over five years would have to pay an additional $4,600 in interest payments.

We have only six scheduled legislative days left for Congress to act and prevent these interest rates from doubling. We respectfully request that you bring H.R. 1595, The Student Loan Relief Act of 2013, to a vote on the House floor. This common sense bill would keep interest rates on federally subsidized Stafford student loans locked in place at 3.4 percent so that we can avoid placing this unnecessary burden on the hardworking students and families we represent.

Sincerely,

______________________ _______________________

Cheri Bustos Dave Loebsack

Member of Congress Member of Congress

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