Dan Coats: “this bill represents a strong bi-partisan consensus on the Labor Committee to ensure that students maintain access to…”

“this bill represents a strong bi-partisan consensus on the Labor Committee to ensure that students maintain access to post-secondary education through vital student opportunity programs, such as TRIO; healthy, stable, and streamlined loan programs; and a simplified student aid process. I am pleased to have contributed to this important bill and look forward to its quick passage today and on the floor. This bill was developed using several guiding principles. First, we strove to maintain the primary focus of the Higher Education Act since its inception in 1965, which is to ensure that students have access and opportunity to pursue higher education. We have strengthened the major student opportunity programs in the Act by focusing more on the needs of low-income students through an expanded Pell Grant program, and making needed reforms to the TRIO programs. In an effort to ensure continued access to higher education programs for all students, these amendments also include a new, low interest rate for student loans. This legislation sets a student loan repayment rate of 7.43 percent which represents a significant reduction in the interest rate for students.”