Rep. McKinley Applauds Bipartisan Solution to Student Loan Interest Rates

Press Release

Date: July 31, 2013
Location: Washington, DC

Today, Rep. David B. McKinley, P.E. (R-WV) supported a plan to stop student loan rates from doubling, after months of bickering among Democrats in the Senate on this issue. The legislation -- which largely mirrors the plan passed by the House in May -- was adopted in the House with overwhelming bipartisan support.

"At a time when most college students are worrying about finding a job, the last thing they need to worry about is whether their student loans will prevent them from making ends meet," said Rep. McKinley. "This plan brings certainty to students. I'm pleased that our Senate colleagues finally agreed to this solution which benefits both students and taxpayers."

The Student Loan Certainty Act of 2013:

- Provides a long-term solution for students

- Ties student loan interest rates to the free market

- Protects students from high interest rates by setting a cap for rates on loans undergraduate and graduate

- Saves money for taxpayers

"Politicians should not be in the business of setting interest rates," added McKinley. "By setting the student loan interest rates to the free market, this bill removes uncertainty for young men and women and ensures they can't be used for political games in the future."