Lawmakers’ bicameral bill would eliminate interest rates on all federal student loans and cap future interest rates
WASHINGTON, D.C. — On Wednesday, July 22nd at 12:00 PM EDT, U.S. Senator Peter Welch (D-Vt.), Member of the Senate Finance Committee, and U.S. Representative Joe Courtney (D-CT-02), Member of the House Education and Workforce Committee, alongside student loan borrower advocates, will host a press conference on Capitol Hill calling for Congress to take up their bicameral Student Loan Interest Elimination Act, legislation to refinance the interest on federal student loans for all existing and future borrowers to zero percent. The lawmakers’ legislation would make higher education more affordable by immediately eliminating interest rates for the nearly 43 million Americans with existing federally held student loans.
Higher education costs continue to skyrocket, with tuition rising 40 times higher than 1960s levels for public colleges—a 312.4% increase when adjusted for inflation. As a result, average college debt has more than doubled since 2007, forcing nearly 43 million Americans—1 in 6 American adults—to take out federal student loans to help pay for higher education. In Vermont, around 78,000 student loan borrowers hold a collective $2.9 billion in federal student loan debt.
The bicameral Student Loan Interest Elimination Act would lower the cost of college and address student loan debt by refinancing the interest rate of all existing and future federal student loans to 0%. Unlike other proposals to lower student loan interest rates, the lawmakers’ Student Loan Interest Elimination Act includes a pay-for to offset the cost of eliminating interest to save taxpayer dollars. Learn more about the Student Loan Interest Elimination Act and read and download the full text of the bill.
LOGISTICS:
WHO: U.S. Senator Peter Welch (D-Vt.);
U.S. Representative Joe Courtney (D-CT-02);
Additional Members of Congress TBA
Student loan borrower advocates TBA
WHEN: Wednesday, July 22nd at 12:00 PM EDT
WHERE: House Triangle, Capitol Hill
WATCH: Livestream of the press conference will be available here.
RSVP: Media are asked to RSVP to Elisabeth_St.Onge@welch.senate.gov and Ryan.Tomsheck@mail.house.gov.
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