collage of money, charts, student working and graduating

Student Loan Interest Rate Follow-Up

Last week I commented on potential legislation that would ultimately cut in half the current interest rate on Subsidized Stafford Loans for undergraduate students. Good news to report – yesterday (1/17/06), the House of Representatives passed the legislation (356 to 71 vote). Next step – the Senate. I’ll keep you informed as things hopefully continue to progress positively …

If you are interested in reading more about this piece of legislation, or about the expected reintroduction of the Student Debt Relief Act (which proposes to: cut student loan rates, increase Pell Grant Assistance, cap student loan payments, and provide loan forgiveness options to individuals in public service areas). Here are some helpful resources: