Letter to Senate on Student Loan Interest Rates
AAUW urged the Senate to vote against the Comprehensive Student Loan Protection Act (S. 1003) and to vote for the Student Loan Affordability Act (S. 953). AAUW supports preventing the doubling of interest rates on subsidized Stafford loans, scheduled to occur on July 1st. Senator Tom Coburn’s Comprehensive Student Loan Protection Act fails to provide stability in borrowing for students, and would not ensure that rates stay low in the foreseeable future. Senator Jack Reed’s Student Loan Affordability Act , while only a two-year fix, would keep the interest rate on subsidized Stafford Loans at current levels.