President Obama Signs Legislation to Save Students Billions in Lower Interest on Student Loans
WASHINGTON – U.S. Rep. George Miller (D-Calif.), the senior Democrat on the House Education and the Workforce Committee, issued the following statement today after President Obama signed into law the Bipartisan Student Loan Certainty Act. Passed in the House by a vote of 392 to 31, the legislation reverses the July 1 doubling of interest rates for more than 7.4 million students and provides students and parents $25 billion in student debt relief through lower interest payments over the next several years. The bipartisan compromise replaced an original House Republican plan that added more debt onto students and exposed them to risky loan terms that did not allow borrows to take advantage of today’s low interest rates.
“Today, after many months of debate, President Obama has signed into law legislation that provides American college students with lower interest rates over the next few years, saving borrowers $25 billion,” said Rep. Miller. “This legislation is welcomed relief for the millions of students and parents who rely on student loans to finance their college education. However, more work remains to be done to address the rising cost of college itself, a root cause of so much student loan debt. As the committee takes next steps to reauthorize the Higher Education Act, I stand ready to work with my colleagues from both sides of the aisle on responsible reforms that will make college more affordable and ease the debt burden on millions of young Americans.”
The House passed the Bipartisan Student Loan Certainty Act on July 31.
For more information about what the law would do, click here.
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