Politics & Government

Student Loan Certainty Act of 2013 on Obama's Desk

US Rep. Nita Lowey describes the legislation as "badly-needed legislation" and "long-overdue."

If banks can get low interest rate loans from the federal government, shouldn’t students be able to do the same, especially in a tough economy?

U.S. Rep. Nita Lowey (D-Westchester, Rockland) thinks so.

While she applauds the bipartisan Student Loan Certainty Act of 2013, which is currently on President Barack Obama’s desk, she says additional measures must be taken to keep students’ heads above water when funding their education.

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“But while this legislation was both necessary and overdue, there is more Congress must do to help keep college affordable and within reach,” said Lowey, the senior Democrat on the House Appropriations Committee, in a press release. 

“We must end the misguided Republican budget policies that fail to invest adequately in federal college aid like Pell Grants. We must also pass legislation so that students can secure loans at the same rates that the Federal Reserve provides to banks." 

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If signed into law by the president, the measure would set federal Stafford student loan rates at around 3.4 percent, instead of 6.8 percent. Lowey said the bipartisan vote was the right thing to do for the country’s economy in the long run.

“As I heard from college students and educators across the Lower Hudson Valley, hikes in rates for student loans would have cost students, families, and our economy,” said Lowey. “That is why I, along with many of my Democratic and Republican colleagues, supported this badly-needed legislation. I look forward to seeing the President sign this long-overdue bill into law.”

The U.S. House of Representatives passed the bill earlier this month with a 392 to 31 vote. 

“By freezing today’s low rates, providing billions in debt relief in the next decade, and placing a ceiling on rates down the road, this legislation will make a college education more affordable for students across our country,” said Lowey.

For more on this legislation read this article by the Center for American Progress.


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