Idaho Senators Mike Crapo and Jim Risch voted for H.R. 1911, the student loan bill, as amended in the Senate. The bill passed the full Senate 81-18.
"This measure will make it less expensive for students to plan for college and it links rates to the financial markets," said Crapo. "I would prefer to return to the private sector handling student loans to reduce government bureaucracy, but action was needed and we were able to reach agreement on a bipartisan solution to help Idaho's young people."
"Those who choose to attend college should have reasonable access to financial aid, whether it is through grants, scholarships or loans," said Risch. "I am pleased that after several weeks of negotiations, the Senate was able to come together on behalf of our nation's students."
Passage of the student loan bill will bring interest rates for undergraduate students back down to 3.86 percent from 6.8 percent. Graduate students will now borrow at 5.41 percent and parents will borrow at 6.41 percent.