Washington, D.C. - Congressman Dave Loebsack released the following statement today after the House passed bipartisan legislation to keep student loan interest rates at 3.4 percent for an additional year. The House passed the legislation by a vote of 373-52 and it now heads to the President, which he is expected to sign. An estimated 7.4 million families nationwide and 255,404 Iowa students over the next year will save an average of nearly $1,000 over the life of their loan.
"Today's an important day for Iowa students and their families. I am relieved an agreement has finally been reached to help thousands of Iowa students that doesn't add to the deficit and stops the endless political posturing on this issue. However, this extension should have occurred long before now, should never have been subject to brinksmanship, and should have provided longer term relief for students. Ensuring any student who chooses to can access an affordable college education to pursue a degree or certificate is one of my highest priorities and I will continue working to keep rates low in the future for Iowa families.
"I grew up in poverty, and I would not have been able to attend college and have such amazing opportunities without student aid. It's long past time that we ensure millions of families aren't harmed by Congress' inaction. Education is critical to securing a good job and economic security for families, and educating our future workforce is key to boosting our economy."
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