Kuster: Congress Must Prevent Student Loan Rate-Hike
WASHINGTON, D.C. – Reinforcing her commitment to making college more affordable for students and middle class New Hampshire families, Congresswoman Annie Kuster (NH-02) today called for bipartisan action to prevent a doubling of the student loan interest rate during a roundtable with students and staff at Plymouth State University. If Congress fails to act, the fixed interest rate on subsidized Stafford loans will double from 3.4% to 6.8% on July 1st, making it harder for students and middle class families in New Hampshire and across the country to afford higher education.
“Ensuring that our young people have access to college is vital for the future of our country, the health of our economy, and the strength of our middle class,” Kuster said. “The last thing Congress should do is make it even harder for students at schools like Plymouth State to pay for their education. With the interest rate on student loans set to double in less than three months, members of both parties need to come together and prevent this harmful rate-hike from taking effect.”
In recent years, total student loan debt nationwide has swelled to more than $1 trillion. According to a recent study, New Hampshire students graduate college with an average debt of over $30,000, the highest debt burden of any state in the country.
Last week, Kuster cosponsored the College Cost Reduction Act, common sense legislation that would prevent student loan rates from doubling in July and extend the current rate for two years. She also launched an online survey to hear directly from Granite Staters about how a doubling of the interest rate on student loans would impact their families.
Rob Friedlander, (202) 225-5206