Washington, D.C.— Today, Representative Julia Brownley (D-Westlake Village), voted to keep college student loan rates down, making college more affordable for students across Ventura County.
“The House Republican bill on student loan rates unacceptably raises the cost of higher education on Ventura County students at exactly the wrong time,” said Congresswoman Brownley. “By making what are currently fixed loans, variable, this bill will make future payments unpredictable and costly. I call on my colleagues in the House to find a workable solution that keeps interest rates low and allows our students to pursue the higher education they desire.”
According to the nonpartisan Congressional Budget Office, today’s legislation would take the current federal subsidized Stafford student loan rate of 3.4% and increase it to 7.4% by the time a 2017 year graduate is ready to pay back their loan. This increased loan rate would create billions of dollars more in student loan debt, saddling our students and their families with an overwhelming financial burden.