Rokita Helps Lead Passage of Bill to Reform Student Loan Interest Rates

Statement

U.S. Rep. Todd Rokita, a member of the House Committee on Education and the Workforce, today voted in support of two higher education bills: the Smarter Solutions for Students Act, designed to return all federal student loans (except Perkins loans) to market-based interest rates, and the Improving Postsecondary Education Data for Students Act, which directs the Department of Education to enhance higher education transparency. Both bills passed the committee with bipartisan support.

"With the referral of these two bills from the committee, my colleagues and I are fighting to provide students and family with the best opportunities and information when making their higher education decisions.

"The legislation to tie student loan interests to the free market, an idea previously supported by President Obama, will increase opportunities for students by greatly reducing the government's role in the student loan business -- something that has only driven up higher education costs for students and families. Politicians should not be in the business of setting interest rates. While those on the other side of the aisle seem content to have this fight every year, we choose to provide permanence to the students looking to achieve more and invest in their futures.

"Additionally, the Improving Postsecondary Education Data for Students Act, sponsored by my Hoosier colleague Luke Messer, will ensure that students and families have data that is actually helpful to them as they make decisions about postsecondary education, while at the same time reducing burdensome reporting requirements for institutions of higher learning," said Rokita.

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