Improving College Affordability

Senator Richard Burr
2017-05-19 11:38:44
Richard Burr, US Senator North Carolina Improving access to higher education isn�t a partisan issue. I�m proud to work on a bipartisan basis to improve options and lower costs for students and families. This week, Senator Angus King (I-ME) and I introduced the Repay Act [link 1] to simplify the complex maze of federal student loan repayment programs. The current student loan repayment programs are too complicated and too expensive. The Repay Act has two very simple goals: first, give students straightforward options on how to repay their student loan debt; and second, limit the excessive taxpayer-funded subsides that are incentivizing families and students to borrow too much. I am also proud to report that a law I wrote to reduce student loan interest rates is continuing to help students save money. In 2013, when government-set student loan interest rates were scheduled to double, I worked with Senators Angus King (I-ME) and Joe Manchin (D-WV) to write the Bipartisan Student Loan Certainty Act to let student borrowers take advantage of lower marketplace interest rates. Treasury Department recently announced [link 2] that, due to our law, federal student loan interest rate will remain near a historic low at 4.45 percent, down from a peak of 6.8 percent in 2012. To date, our bipartisan law has saved students and families nearly $60 billion. Does the media pay enough attention to bipartisan cooperation in Congress?[survey]
May 19, 2017

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