Without Congressional Action, Student Loan Rates Will Double in July for More Than 166,000 College Students in Colorado
Colorado U.S. Senator Michael Bennet today released the following statement after a bill that would have prevented interest rates on student loans from doubling in July from 3.4 percent to 6.8 percent failed in a Senate procedural vote.
“It’s disappointing that a minority of senators chose to block a bill that would help students who are working hard to succeed. During the worst recession since the Great Depression, the highest the unemployment rate ever got for someone with a college degree was 4.7 percent. That is why our policies should be making it easier, not harder, to afford college. However, if Congress does not act before July, students in Colorado and around the country will see their interest rates double. We should not let that happen.”
Last month, Bennet joined students at the University of Colorado-Denver to call on Congress to block this interest rate hike.