Lynch Votes Against Republican Student Loan Proposal

May 23, 2013

Congressman Stephen F. Lynch released the following statement on voting in opposition to H.R. 1911:

“With student loan interest rates set to double on July 1st, Congress must take action to better ensure college affordability for our students and America’s working families. Unfortunately, the Republican bill considered by the House today would actually make college much more expensive. I voted against H.R. 1911 because it would require student loans to carry fluctuating interest rates that would vary on an annual basis and lead to excessive interest payments.  Incredibly, the Republican bill would actually increase student loan debt, which currently totals $1.1 trillion, by nearly $4 billion.  

Rather than addressing student loan debt through misguided legislation such as H.R. 1911, I fully support the Student Loan Relief Act of 2013, H.R. 1595, introduced by my colleague, Rep. Joe Courtney (D-CT).  Importantly, the Student Loan Relief Act would extend the current 3.4% interest rate on undergraduate loans for the next two years in order to give Congress the opportunity to create a long-term, bipartisan solution for student loan interest rates in the reauthorization of the Higher Education Act of 1965.”