On July 1st, millions of students across the country will face higher student loan rates. By higher, we mean double.
A bi-partisan bill, the Smarter Solutions for Students Act, would change that. It did that largely by removing politics from the conversation. By tying student loan rates to the market, instead of the whims of politicians, it created a predictable formula where students could engage in long-term planning and forecast what their rates would actually look like.
No longer would members of Congress determine what interest rate you pay for your loans.
The legislation would also allow students to compete for lower rates, which the current fixed rates simply don’t allow.
Democratic Congressman Cartwright voted against the measure, which still passed the house with a bi-partisan vote of 221-198. The other NEPA Congressman voted in favor of the measure.