Mark Gordon: “Passage of this legislation provides a final resolution to a long needed fix within the Higher Education Act related to…”

“Passage of this legislation provides a final resolution to a long needed fix within the Higher Education Act related to the way interest rates for student loans are set, making college more affordable for millions of students across the country. S. 1762 has been developed and agreed upon by a bipartisan process and the other body has passed this legislation in December by unanimous consent. Every major higher education association, including groups representing students, schools and lenders, support this legislation. If we do not take this action now, we run the risk of having a system under which two-thirds of students loans are made revert back to a troublesome formula that threatened the viability of several lenders back in 1998. Mr. Speaker, most students, especially those from low- and middle- income families, have enough of a financial challenge getting through school.”