WASHINGTON, D.C. — The Student Loan Act passes in Washington 81 to 18, but what does this mean for you?
It will retroactively lower student loan rates for all loans taken out since July 1, 2013 and sets future loan rates to market based prices. It also fixes interest rates over the life of those loans and imposes a cap to ensure rates never go over 8.25 percent for undergraduate students.
“Planning ahead for college is a difficult process, and students and families should be able to make these important decisions without worrying about uncertainty in Washington. The ‘Obama Economy’ and costly premiums under the president’s health-care law have compounded the challenges that young Americans face. Financing their education should not add to this burden,” said Miss Senator Roger Wicker.
“The permanent market-based solution that I supported, removes Washington from the business of arbitrarily fixing student loan rates. This bipartisan legislation provides students with long-term certainty as they battle the mounting costs of education.”
