Washington, D.C. – Earlier today, U.S. Rep. Allyson Schwartz released the following statement concerning the July 1 drop in federal interest rates on subsidized federal Stafford Loans.

“As the parent of two sons who graduated from college only a few years ago, I know how important an affordable quality college education is. I also believe that American’s economic future depends on being able to ensure that a college education is not out of reach for any American due solely to the cost, and that is why I have made increasing access to college and providing more resources to our schools and students one of my top priorities in Congress.

“When the new Democratic Congress took office, we made a commitment to middle class American families. We understand the worries you have, and we also understand the hopes and dreams you have for your families, communities, and nation. That is why this Congress stood up to the student loan industry and pushed to lower student loan interest rates to lower levels that will save students thousands of dollars.

“I fought for the passage of the College Cost Reduction and Access Act, the single largest investment in higher education since the GI Bill. Because of this landmark bill, on July 1 federal interest rates on subsidized federal Stafford Loans for undergraduates will drop from the previous rate of 6.8 percent to 6 percent.

“The new lower rates of student loans will enable more students to afford collage and will save borrowers thousands of dollars on average during the live of their loan. “

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