U.S. Rep. Ileana Ros-Lehtinen (R-FL) is pleased to have voted today for the Senate amended Smarter Solutions for Students Act, which the House passed in May. The bill has been renamed the Bipartisan Student Loan Certainty Act of 2013 and rolls back the doubling of interest rates on federal student loans which occurred on July 1 due to lack of Senate action. After months of inaction, the Senate agreed to a student loan agreement almost identical to the House bill last week.
This legislation will:
-Calculate undergraduate Stafford loans using a formula based on the 10-year Treasury note plus 2.05 percent.
-Calculate graduate Stafford loans using a formula based on the 10-year Treasury note plus 3.6 percent.
-Calculate graduate and parent PLUS loans using a formula based on the 10-year Treasury note plus 4.6 percent.
-Provide stability for students by locking in interest rates for the life of the loans, and prevent future uncertainty about whether Congress is going to act in time to change the interest rate.
Said Ros-Lehtinen, "As a former Florida certified teacher, I know that a good quality education can ensure success in life. This legislation will afford our students the financial certainty they deserve to make long term plans, and the knowledge that their student loan interest rates won't double. I am pleased to have supported this bill as well as the prior bill and I look forward to the President signing it and turning it into the law of the land. Our struggling and hardworking students deserve no less."