Steven Holt: “I rise in support of H.R. 5, a bill that would cut in half student loan interest rates and make college more affordable…”

“I rise in support of H.R. 5, a bill that would cut in half student loan interest rates and make college more affordable, improve our economy, and improve the quality of lives across America. The average student graduates with more than $17,000 in loan debt, almost 45 percent more than just a decade or so ago. In New Jersey, in my State, this bill would save the average student 4 or $5,000 over the life of the loans. According to the Congressional Research Service, half of the student loan borrowers who benefit under this legislation have family incomes under 60 or $70,000, and the median income of family borrowers is $45,000. These are ordinary folks. Now, each of my colleagues can find thousands of stories of citizens in his or her own district where these loans have given a greater lease on life and livelihood to ordinary folks. This is something we can do right now. The legislation we are considering today will provide needed relief for cutting interest rates from 6.8 percent to 3.4 percent, and it will be a vital step toward making college more affordable for millions of Americans.”