Courtney statement on Obama Administration’s Endorsement of Student Loan Interest Rate Cap

WASHINGTON, DC – Congressman Joe Courtney (D-CT) today released the following statement in approval of the Obama Administration's endorsement of capping the Subsidized Stafford Student Loan interest rate for a period of two years:

"I applaud the Obama Administration for endorsing legislation that would protect students from the doubling of interest rates on July 1st by locking in the current rate of 3.4% for the next two years. Legislation like S. 953, the Student Loan Affordability Act, and my bill, H.R. 1595, the Student Loan Relief Act would keep rates low for a period of two years and make it easier for young people repay the student loans that have weighed them down for too long. Passage of this legislation would also afford us time in Congress to construct the long term solution for student loan rates so desperately needed. I am pleased that the Administration has recognized the importance of ensuring the protection of our nation's students through this simple solution."

Congressman Courtney first introduced a two year cap to the current 3.4% interest rate in April 2013. His bill, H.R. 1595, The Student Loan Relief Act, currently has 143 cosponsors in the House of Representatives.