US House Passes Student Loan Rate Cut

Written by: Cody Brumfield
Published: 01/18/2007
http://www.aacrao.org/transcript/index.cfm?fuseaction=show_view&doc_id=3439

Partial quote:

House Passes Student Loan Rate Cut
One-hundred twenty-four House Republicans joined Democrats yesterday in passing the College Student Relief Act of 2007. The bill, which still needs approval from the Senate and President Bush's signature, would cut the rate on subsidized Stafford loans from 6.8 percent to 3.4 percent over five years.

During the floor debate, several Republicans questioned whether the rate cuts would help students.

“[The College Student Relief Act] provides slowly phased-in benefits to college-loan borrowers who are graduated. By definition, they are no longer students,” said Rep. Howard “Buck” McKeon. Democrats countered that aspiring students are mindful of their future obligations and lowering costs will encourage more to attend college.