Town Square

Post a New Topic

Eshoo votes to cut student loan interest rates

Original post made by Poster, Atherton: Lloyden Park, on Jan 17, 2007

From a Jan. 17, 2006, press release from Rep. Anna Eshoo, D-Atherton.
WASHINGTON, D.C.- Congresswoman Anna G. Eshoo, D-Menlo Park, voted for bipartisan legislation Wednesday designed to make college more affordable and accessible by cutting interest rates on subsidized student loans in half over five years.
According to the Congressional Advisory Committee on Student Financial Assistance, financial obstacles will prevent at least 4.4 million high school graduates from attending a four-year public college over the next decade.
H.R. 5, the College Student Relief Act of 2007, will reduce the financial burden on undergraduates by cutting interest rates from the current 6.8 percent to 3.4 percent over five years. The relief is targeted to those who need it most ... students and families making between $26,000 and $68,000.
"Once the full rate cut is in place, a typical borrower in California with $15,125 in subsidized federal student loan debt will save approximately $4,830 over the life of their loan," Eshoo said.
Eshoo said the legislation is fiscally responsible because the interest rate cuts are entirely paid for through adjustments in lender rates, participation fees for financial institutions and collection fees for defaulted loans.
The House passed H.R. 5 by a vote of 356 to 71.
Contact: Jeff Miller, (202) 225-8104;


Don't miss out on the discussion!
Sign up to be notified of new comments on this topic.


Post a comment

Sorry, but further commenting on this topic has been closed.

Stay informed.

Get the day's top headlines from Almanac Online sent to your inbox in the Express newsletter.

Analysis/paralysis: The infamous ‘Palo Alto Process’ must go
By Diana Diamond | 6 comments | 1,947 views

Common Ground
By Sherry Listgarten | 3 comments | 1,457 views

The Time and Cost Savings of Avoiding a Long Commute
By Steve Levy | 5 comments | 1,414 views

Planting a Fall Garden?
By Laura Stec | 5 comments | 840 views