Legislation passed by the House reduces interest rates on student loans
Texas Insider Report: WASHINGTON, D.C. – Congressman Henry Cuellar (D-TX28) helped pass H.R. 1911 today. The legislation seeks to reduce the student loan interest rates which doubled on earlier this month after Congress fail to reach a compromise:
“Once this bill is signed into law by the President, students will enter the coming school year with the security of lower rates and less expensive monthly payments to loans. I have always said education is the greatest equalizer in society. It’s our job to ensure everyone gets an opportunity to obtain an affordable and quality education,” said Congressman Henry Cuellar. “In Texas alone, there were over four hundred thousand students borrowers in the 2012-2013 academic year according to the Committee on Education and workforce. This bipartisan bill is an example of the need for all members of Congress to work together across the aisle to ensure that we don’t let partisan gridlock prevent us from taking action on behalf of our country’s students and the hard working middle class.”
Student Loan Provisions:
- Reverses the July 1 interest rate hike that occurred because of Congressional inaction
- Saves undergraduate students $25 billion in student loan payments over the next five years
- Saves an average undergraduate $3,300 in interest payments over the course of his or her college career
- Allows students to lock in today’s low interest rate
Congressman Henry Cuellar is a member of the U.S. House Appropriations Committee, Vice Chairman of the House Steering and Policy Committee, Senior Whip, and member of the Blue Dog Coalition. Job creation, accessibility to constituents, education, economic development, and national security are his priorities.
