WASHINGTON, D.C. – Alaskan Congressman Don Young today voted in support of H.R. 1911, the Bipartisan Student Loan Certainty Act of 2013, which will make permanent, much-needed improvements to our federal student loan system and help students around the country who face skyrocketing education costs and increasing debt loads. The bill will base Stafford loan rates in part on the market rate of ten year U.S. Treasury notes and set a maximum rate cap to protect students. At the end of June 2013, Congress' ongoing rate reduction expired causing rates to jump from 3.4 percent to 6.8 percent. H.R. 1911 would retroactively apply the new lower rate to student debt carried this July while the rate was at 6.8 percent.
“After months of partisan gridlock in the Senate, I am pleased to see Congress resolve this issue and give Alaskan students and their families certainty when it comes to federal loan rates,” Rep. Young said. “In this economic climate, it is vital that our workforce is capable of competing globally and, as such, it is important that we assist students that choose to pursue higher education. The federal government should be committed to reducing financial barriers to students’ success, particularly at a time when the soaring costs of attending a college, university, or technical school can prevent a student from achieving their educational goals. Today’s permanent federal loan rate fix is a tremendous stride forward in reducing these barriers.”
The bill, which passed on a vote of 392-31, now heads to the President’s desk to be signed into law.