Thank Senator For Your Reply

 

Dear  Marty :

 

Thank you for contacting my office to express your concerns about the interest rate on federal student loans.  I appreciate hearing from you and welcome the opportunity to respond. 

 

I share your concern that the increasing cost of financing college education is becoming overly burdensome for students, and I am pleased that Congress has taken steps to help make higher education accessible and affordable for all Americans.  Last year, I voted to maintain the 3.4% interest rate on subsidized student loans for new borrowers (Public Law 112-141).  However, as you mentioned, this provision is set to expire on June 30, 2013, after which the interest rate is set to double to 6.8%. 

 

Students are graduating with an average debt of $25,000, and for the first time ever the nationwide amount of outstanding student loan debt exceeds credit card debt.  It would be a grave mistake to short-change the students who represent the country's future by scaling back our investment in a strong higher education system.  Be assured that I will continue to work hard with my colleagues to find a responsible way to keep the interest rate from rising in a manner that is detrimental to students.  Hearing of your concern that student loan interest rates will increase without congressional action is important to me, and I will keep your thoughts in mind.

 

Again, thank you for writing.  If you have any additional questions or comments, please feel free to contact my Washington, D.C. office at  (202) 224-3841 .  Best regards.

Sincerely yours,


  Dianne Feinstein
         United States Senator

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