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Reps. Foster, Schneider, Duckworth Support Student Loan Deal

Aug 1, 2013
Press Release
Compromise Reverses Doubling of Student Loan Interest Rates

WASHINGTON—U.S. Representatives Brad Schneider (IL-10), Tammy Duckworth (IL-08) and Bill Foster (IL-11) voted in favor of the Bipartisan Student Loan Certainty Act (HR 1911), a bipartisan compromise that reverses the July 1 doubling of student loan interest rates from 3.4 percent to 6.8 percent.

“I have continually called on Congress to take action for our students, and I’m glad that today we were finally able to do so,” Foster said. “We need much more of this kind of bipartisan compromise in Washington. This legislation was an important step forward, but we must continue to make lowering the cost of education a priority and ensure that middle class Americans have access to a quality, affordable education.”

“This was the right action for our students,” Schneider said. “For too many students and families, college is increasingly out of reach, and we must do more to make higher education more affordable and accessible. While not perfect, this compromise addresses a key concern I had with the House bill by locking in rates for the life of the loan and providing certainty for our students.”

"I voted yes on this bill because this legislation saves students thousands of dollars in lower interest payments,” Duckworth said. “Our nation's students should not have to be burdened with additional debt because of inaction from Congress. Although this legislation isn't perfect, it is a bipartisan compromise that moves us in the right direction."

Schneider, Foster and Duckworth opposed a bill brought up for a vote in the House in May that would have made college more expensive and put higher education further out of reach for lower and middle-income families. The trio also cosponsored a measure to avert the doubling of loan rates.

The Bipartisan Student Loan Certainty Act passed the Senate on July 24 and now heads to the President for his signature.