Congress Removes Student Loan Rates from Politics

Jul 31, 2013 Issues: Congressional Issues, Education
Congress Removes Student Loan Rates from Politics

WASHINGTON, D.C. - Congressman Mike Fitzpatrick (PA-8) released a statement Wednesday following the House’s passage of a student loan plan which now heads to the President’s desk to be signed into law:

“Today’s bill is an example of a fair, common sense piece of legislation with strong bipartisan support.  I encourage the president to sign the bill into law quickly so we can begin working together to tackle the real problem- the exploding cost of college tuition.

The plan the House passed back in May- which I supported- tied student loan rates to the market, making rates fairer and more secure for both lenders and borrowers. The President introduced a similar plan to place rates into the free markets- but it still took several weeks after loan rates doubled on July 1st for Senate leadership to act.

Today’s bill finally gives students the security of knowing their student loan rates are not only lower, but no longer at the whim of Washington politicians.

It is a shame that the Senate allowed rates to double for a month.  But, it is time to move forward on solving more challenges to put our country back on the right track.”

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Congressman Mike Fitzpatrick is serving his third term in the U.S. House of Representatives. He represents Pennsylvania’s 8th district which includes all of Bucks County as well as a portion of Montgomery County. He serves as the Vice Chairman of the House Financial Services Subcommittee on Oversight and Investigations.