Courtney, Murphy to highlight ongoing effort to keep student loan interest rates from doubling

Congressmen to discuss legislation to prevent July 1 rate hike

WASHINGTON, DC – Congressmen Joe Courtney and Chris Murphy on Tuesday, April 3, at 10:00 a.m. will join advocates from US PIRG and college administrators in support of Congressman Courtney's legislation to prevent interest rates on certain student loans from doubling on July 1 – 88 days from April 3.

The current fixed interest rate on Stafford federal subsidized loans, held by nearly 8 million undergraduates, is 3.4 percent, but that rate will double to 6.8 percent on July 1, 2012 unless Congress takes action. That increase could mean an addition $5,000 in debt over a 10-year repayment period for borrowers who rely most on federal student loans.

Rep. Courtney introduced the Student Loan Affordability Act (H.R. 3826/S.2051), to prevent the rate hike and permanently cap Stafford student loan interest rates at 3.4 percent. Congressman Murphy is a cosponsor.

WHAT: Courtney, Murphy, students hold press conference to prevent student loan interest rates from doubling on July 1

WHO: Congressman Joe Courtney;

Congressman Chris Murphy;

Ethan Senack, UConn student, CONNPirg;

Michael P. Meotti, Executive Vice President, Connecticut State Colleges and Universities Board of Regents for Higher Education;

Rich Bishop, Director of Financial Aid, Central Connecticut State University;

WHEN: Tuesday, April 3, 10:00 a.m.

WHERE: Legislative Office Building, Room 310

300 Capitol Ave.

Hartford, CT

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