WASHINGTON – Congressman Kurt Schrader (D-OR) released the following statement after voting in favor of the Senate Amendment to H.R. 1911, the Bipartisan Student Loan Certainty Act of 2013. The bill, passed by the House with a bipartisan vote of 393 to 30, assures borrowers that student loan interests rates will not double as of July 1, 2013 onward.
“It is uplifting to see Democrats and Republicans coming together in a bipartisan fashion to do the right thing and help debt burdened students and cash strapped families enrolling in the upcoming school year,” Rep. Schrader said. “However, this bill should have been a no brainer. As I suggested last month in an editorial I wrote, a market compromise that reflected components in both the President and Senate proposals was the most practical solution. This bill does that by providing low rates for students and their families for this year and certainty that their rate will remain unchanged for the life of their loan.”
The Congressional Budget Office estimates that this bill will reduce the federal deficit by $715 million, provide students $25 billion in student loan debt relief over the next six years and allow interest rates on every new college loan to come down this year for nearly 11 million borrowers.