Heck Votes to Prevent Student Loan Interest Rate Increase
FOR IMMEDIATE RELEASE
Contact: Greg Lemon
WASHINGTON - Congressman Joe Heck (R-NV-03) today released the following statement after voting in favor of H.R. 4628, the Interest Rate Reduction Act.
“Given the state of the still-struggling Obama economy, it would be a mistake to raise interest rates on anyone at this time, especially young college graduates who are having trouble finding work.”
The bill would prevent, for one year, interest rates increasing on July 1, 2012, from 3.4 percent to 6.8 percent on new federally subsidized Stafford loans to undergraduate students. The extension would be offset by repealing the Prevention and Public Health Fund (PPHF), created by the health care reform law. The Congressional Budget Office estimated that preventing the interest rate increase would cost nearly $6 billion, while repealing the PPHF would save $12 billion. The additional $6 billion in savings would go to deficit reduction. The measure passed the House 215 to 195.