Wilson Votes to Stabilize Student Loans for Higher Education
Congressman Joe Wilson issued the following statement after the House passed legislation to address increased student loan interest rates.
Wilson stated, “Finally, after months of inaction, the Senate has joined the House in making higher education accessible for American families. I am very grateful for House Education and Workforce Committee Chairman John Kline and his leadership on this issue. A strong educational foundation paves the way for life-long success. Politicians have no business setting interest rates that may leave families with uncertainty over repayment. By implementing market-based formulas to determine student loan interest rates, our students can feel confident in their decisions to achieve a college or graduate degree.
“The bipartisan passage of today’s bill is a testament to what House Republicans have been saying for years. The Senate and President should work with us on solutions, rather than continue the trend of completely ignoring our efforts. It is my hope that the Senate will now consider repealing Obamacare and approving the Keystone XL Pipeline so that we can help our economy grow and succeed.”
Student loan interest rates increased from 3.4% to 6.8% on July 1, 2013 due to expiration of previous law. In anticipation, the House passed H.R. 1911, the Smarter Solutions for Students Act, with a bipartisan vote on May 23, 2013 to prevent interest rates from placing unnecessary burdens on students and families seeking to obtain higher education. Because of infighting, Senate Democrats refused to consider our legislation at the time and rates doubled. Additionally, the President inaccurately blamed Congress, not just the Senate, for inaction. Eventually, the Senate folded and passed an amended version of our bill, which was renamed the Bipartisan Student Loan Certainty Act. The bill passed today will retroactively apply to interest rates for any loans disbursed between July 1, 2013 and the date of enactment.