(Washington, D.C.) –U.S. Senator Dean Heller (R-NV) released the following statement on the Stop the Student Loan Interest Rate Hike Act of 2012 (S. 2343), which needlessly taxes small businesses. Senator Heller is a cosponsor of the Interest Rate Reduction Act of 2012 (S. 2366). Without congressional action, interest rates for federally-subsidized student loans are scheduled to double from 3.4 to 6.8 percent on July 1.
“Instead of compromising, the Democrats want to raise taxes on small business at a time when we need jobs. They brought this vote to the floor knowing that it wouldn’t pass, further proof that Washington is broken. With two of my own children currently in college, I know the financial burdens on both college students and their parents. I understand the value of a good education and the hard work it takes for success. During these tough economic times, Americans find it increasingly difficult to pay for college, and graduates find themselves burdened with high levels of debt. The Senate should focus on a real bipartisan measure that freezes student loan interest rates,” said Senator Dean Heller.
Heller supported freezing student loan interest rates in 2007 as a member of the U.S. House of Representatives. This morning Heller spoke on the Senate floor about his support for freezing student loan interest rates. To view the clip click here.
Senator Heller has consistently supported low student loan interest rates:
- College Cost Reduction Act (H.R. 2669, 110th) – among other provisions to strengthen grants and other educational programs, this bill cut interest rates in half on subsidized Stafford loans for undergraduate students. Senator Heller supported the bill in both the Education & Labor Committee and on the House floor. This legislation passed Congress and was signed into law.
- College Student Relief Act (H.R. 5, 110th) – cut interest rates in half on subsidized Stafford loans for undergraduate students. This passed the House with Senator Heller’s support.