Roe Statement on H.R. 4628, The Interest Rate Reduction Act
WASHINGTON D.C. – Today, U.S. Congressman Phil Roe, M.D. (TN-01) released the following statement on H.R. 4628, the Interest Rate Reduction Act:
“College tuition continues to skyrocket, and students already facing staggering amounts of debt now are facing the added threat of a doubling student loan interest rate. For years, the student loan program has been used as a piggy bank instead of developing a policy that actually encourages future generations to get the education they need.
“That is why I am pleased to support legislation that will extend the current student loan rates, the Interest Rate Reduction Act. This legislation will freeze the 3.4 percent interest rate on subsidized Stafford Loans to undergraduate students for one year. While I believe we need a permanent and comprehensive solution, I do believe this is a good first step.
“Congress will pay for this bill with funding from one of the slush funds in the president’s health care law, the Prevention and Public Health Fund. This fund is not only a waste of taxpayer dollars, but it allowed the Secretary of Health and Human Services to spend $17 billion dollars without Congressional oversight.
“The federal student loan program was created to help students pay for the high cost of tuition, and it seems we need to go back to the basics. We need to help ensure students can afford a quality education.”