Politics & Government

Congresswoman Davis Cosponsors Student Loan Bill

The proposed legislation would keep the current 3.4 percent interest rate from going up to 6.8 percent.

U.S. Rep. Susan Davis, whose 53rd district includes Lemon Grove, has cosponsored legislation to block the doubling of interest rates for Stafford student loans expected to kick in this July.

The bill the Democratic lawmaker is cosponsoring is H.R. 1595, the Student Loan Relief Act. The proposed legislation would keep the current 3.4 percent interest rate through 2015, according to a news release.

“We need to ensure that access to higher education stays within the reach of middle class and lower-income families,” said Davis, a senior member of the House Education and the Workforce Committee. “If we want our children - and America, for that matter - to be competitive in the global economy, access to an affordable college education will be key.”

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Congress reduced the fixed rate on the Stafford student loans in 2007 as part of the College Cost Reduction and Access Act, according to Davis.  The measure was set to expire in 2012, but legislation was enacted to block an increase.  Davis supported the bill

If Congress fails to act this year, the rate will increase to 6.8 percent, she said.

Find out what's happening in Lemon Grovewith free, real-time updates from Patch.

The U.S. Public Interest Research Group conducted an analysis and found that students taking out the maximum $23,000 in subsidized student loans would see their level of debt increase by an additional $5,200 during a 10-year period of repayment and $11,300 over a 20-year timeframe, according to Davis.


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